Wallace Corporation has the following standards for its direct materials: Standard cost: $3.20 per pound Standard quantity: 6.80 pounds per product During the most recent month, the company purchased and used 33,300 pounds of material in manufacturing 5,000 products, at a total cost of $108,500. Compute the total materials variance. D$2,240 Favorable O $300 Favorable O $2,240 Unfavorable O $300 Unfavorable