The following direct materials data pertain to the operations of Blue Spruce Co. for the month of December. Standard materials price Actual quantity of materials purchased and used $5.00 per pound 16,520 pounds The standard cost card shows that a finished product contains 1 pounds of materials. The 16,520 pounds were purchased in December at a discount of % from the standard price. In December, 4,020 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 $