Willow Inc. has provided the following information: Standards: Direct materials Direct labor Variable overhead Fixed overhead Total Per unit 10 lbs $2.80/lb $28.00 2 hours @ $16.50/hour 33.00 2 hours @ $10/hour 20.00 15.00 $96.00 = Budgeted production 7,200 units Actual results Materials Direct labor 75,000 lbs $208,395 14,050 actual hours. $225,440 Variable overhead $146,960 Fixed overhead $105,430 Units produced 7,300 units 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).) Answer is complete but not entirely correct. Price Variance $ 1,583 Favorable