3 Check my work 7 QS 23-7 (Algo) Direct materials variances LO P3 A company reports the following for one of its products. 0.5 points Direct materials standard (5 pounds @ $8 per pound) Actual units produced $ 40 per unit 80,000 units $ 3,232,000 eBook Actual cost of direct materials used Print Compute the total direct materials cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) References Direct materials variance For the current period, Kay Company's manufacturing operations show a $5,500 unfavorable direct materials price variance. The actual price per pound of material is $87; the standard price is $86.50 per pound. How many pounds of material were used in the current period? Actual pounds used pounds A company shows a $23,000 unfavorable direct labor rate variance and a $11,000 unfavorable direct labor efficiency variance. The company's standard cost of direct labor is $370,000. What is the actual cost of direct labor? Actual cost of direct labor