The standard materials cost to produce one unit of Product M is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the total direct material cost variance?

	$48,000 unfavorable.
	$51,000 favorable.
	$51,000 unfavorable.
	$3,000 favorable.
	$3,000 unfavorable. Please show work and explain your answer, not just copy pasting the other answers from yahoo answer