Exercise 16-41 (Algo) Variable Cost Variances (LO 16-5) The standard direct material cost per unit for Willis Group was $200 (= $50 per gallon x 4 gallons per unit). During the period, actual direct materials costs amounted to $2,682,190, materials used totaled 55,535 gallons, and 13,390 units were produced Required: Compute the direct materials price and efficiency variances for the period. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price variance Efficiency variance