Problem - Direct Material Variances Compute the price, quantity, and total variances for direct materials of the Wright Co. using the following information for the month of December. Each correct answer is worth_ point(s) Standard materials price per pound $5.00 Actual pounds of materials purchased and used 16,500 Standard quantity (pounds) 16,000 Cost of pounds of materials purchased. $4.80 Actual Quantity x Actual Price Actual Quantity x Standard Price Standard Quantity x Standard Price III Price Variance 2. U or F Quantity Variance 3. 4. U or F Total Material Variance 5. 6. U or F