The following direct materials data pertain to the operations of Novak Co0, for the month of December. Standard materials price Actual quantity of materials purchased and used $5.00 per pound 16,870 pounds The standard cost card shows that a finished product contains 4 pounds of materials. The 16,870 pounds were purchased in December at a discount of 4% from the standard price. In December, 4,090 units of finished product were manufactured, Calculate the materials variances, Identify whether each variance is favorable or unfavorable. Materials Price Varlance Materials Quantity Variance Total Materials Variance