The following information is available for Wrenched Manufacturing Corporation for last period: - direct material price variance was $10,000 Favorable - direct material quantity variance was Favorable - 20,000 feet of direct materials were purchased - 15,000 feet of direct materials were used - the actual price of direct materials was $6.50 per foot The direct material standard price is: $7.00. $5.83. Cannot be determined with the information given. $6.00. O $7.17