Widget Works produces widgets and adopts a standard cost system. Each widget requires a standard quantity of 7 components, and the standard cost of each component is $9. During July, Widget Works produced 9,000 widgets. In that month, 65,800 components were purchased and used at the total cost of $588,600. a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Price Vitriance b. Calculate the direct materials quantity variance (Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (I.e., zero variance).) Quantity Variance