Exercise 17-19 Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-1) In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials 103,000 units Actual production Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used $ 1,554,000 14 $1,405,950 Required: Compute the direct materials cost variances (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. Direct Materials Price variance Efficiency variance Cost variances