The standard quantity of materials for a product was 49 lbs per unit at a standard price of $20/lb. The actual price per pound of materials was $14, and the actual quantity used was 57 pounds. Which of the following is true?

Question 30 options:

	The quantity variance is $294 favorable.
	The quantity variance is $112 unfavorable.
	The price variance is $342 favorable.
	The price variance is $274 unfavorable.