Vaughn Company has determined that the standard cost to manufacture its product includes 2 units of direct materials at $6.00 per unit. During January, the company purchased 50,500 units of direct materials at a cost of $5.80 per unit and used 50,500 units of direct materials to produce 23,100 units of its product. Calculate the total materials variance, and the price and quantity variances.

Materials Variance		$enter a dollar amount	select an option Neither favourable nor unfavourableFavourableUnfavourable
Materials Price Variance		$enter a dollar amount	select an option FavourableUnfavourableNeither favourable nor unfavourable
Materials Quantity Variance		$enter a dollar amount	select an option FavourableUnfavourableNeither favourable nor unfavourable