genent industries, inc. (gii), developed standard costs for direct material and direct labor. in 2015, gii estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. budgeted quantity budgeted price direct materials 0.30 pounds $20 per pound direct labor 0.20 hours $12 per hour during july, gii produced and sold 3,000 containers using 1,100 pounds of direct materials at an average cost per pound of $19 and 625 direct manufacturing labor hours at an average wage of $11.75 per hour. the direct material price variance during july is .