The standard cost of product 777 includes 2.0 units of direct materials at $6,00 per unit. During August, the company bought 29,000 units of materials at $6.30 and used those materials to produce 16,000 units. Compute the total price, and quantity variances for materials. Total materials variance Materials price variance $ 8700 i Unfavorable Materials quantity variance $ 18000 Favorable