Victory Corporation manufactures steel hinges. During 2022, Victory budgeted to manufacture 40,000 hinges requiring 3,000 pounds of steel to be purchased. The standard price of direct materials was set at $23.40 per pound. In 2022, Victory actually manufactured 42,000 steel hinges. In addition, Victory spent a total of $69,440 to purchase 2,800 pounds of steel. Required: 1. Prepare a table with the actual price, standard price, actual quantity, and standard quantity for direct materials. 2. Using the data in the table, prepare a matrix to compute the direct materials price variance, direct materials quantity variance, and direct materials cost variance.