The following direct materials data pertain to the operations of Culver Co. for the month of December. Standard materials price $5.00 per pound Actual quantity of materials purchased and used 17,150 pounds The standard cost card shows that a finished product contains 4 pounds of materials. The 17,150 pounds were purchased in December at a discount of 4% from the standard price. In December, 4,170 units of finished product were manufactured. Calculate the materials variances. Identify whether each variance is favorable or unfavorable. Materials Price Variance $ 3430 Favorable Materials Quantity Variance $ (2350) Unfavorable Total Materials Variance $ 1080 Favorable