The following direct materials data pertain to the operations of Monty Co. for the month of December. Standard materials price $5.00 per pound Actual quantity of materials purchased and used 16,790 pounds The standard cost card shows that a finished product contains 4 pounds of materials. The 16,790 pounds were purchased in December at a discount of 4% from the standard price. In December, 4,080 units of finished product were manufactured. Calculate the materials variances. Identify whether each variance is favorable or unfavorable Materials Price Variance Materials Quantity Variance Total Materials Variance