Current Attempt in Progress The following direct materials data pertain to the operations of Wright Co. for the month of December. Standard materials price Actual quantity of materials purchased and used $5.00 per pound 16,500 pounds The standard cost card shows that a finished product contains 4 pounds of materials. The 16,500 pounds were purchased in December at a discount of 4% from the standard price. In December 4,000 units of finished product were manufactured. Calculate the materials variances. Identify whether the variance is favorable or unfavorable? Materials Price Variance Materials Quantity Variance Total Materials Variance $ e Textbook and Media