The Peking Palace reported the following: Standard quantity per unit 3 lbs Standard price per pound $2.75 Actual pounds used 15,000 lbs Actual price per pound $2.90 Number of units produced 5, 070 Determine the direct material price variance $1, 672.50 favorable $3, 172.50 unfavorable $577.50 favorable $2, 250.00 unfavorable Determine the direct material quantity variance $1, 672.50 favorable $3, 172.50 unfavorable $577.50 favorable $2, 250.00 unfavorable Managers can use which of the following cost-plus methods to Total cost concept Variable cost concept Product cost concept