Crane, Inc. uses a standard cost system in which direct materialsare carried at standard cost. Standards for one unit of product are: standard quantity of 2 feet, standard price $1.50 per foot. During May, Crane purchased 17,300 feet of direct material at a cost of $31,300 and used 18,400 feet in production of 8,800 units. Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable. Direct materials price variance Direct materials quantity variance LA LA $