The following direct materials data pertain to the operations of Flounder Co. for the month of December Standard materials price $5.00 per pound Actual quantity of materials purchased and used 16,660 pounds The standard cost card shows that a finished product contains 4 pounds of materials. The 16,660 pounds were purchased in December at a discount of 4% from the standard price. In December, 4,040 units of finished product were manufactured Calculate the materiais variances. Identify whether each variance is favorable or unfavorable. Materials Price Variance Materials Quantity Variance $ Total Materials Variance $