Genent%e2%80%8b industries, inc.%e2%80%8b (gii), developed standard costs for direct material and direct labor. in%e2%80%8b 2017, gii estimated the following standard costs for one of their major%e2%80%8b products, the 30minus gallon heavy minus duty plastic container. budgeted quantity budgeted price direct materials 0.4 pounds $ 10 per pound direct labor 0.1 hours $ 14 per hour during%e2%80%8b july, gii produced and sold 3 comma 000 containers using 1 comma 300 pounds of direct materials at an average cost per pound of $ 7 and 375 direct manufacturing labor hours at an average wage of $ 14.40 per hour. the direct material price variance during july is%e2%80%8b