Gala Enterprises reports the following information regarding the production on one of its products for the month. Direct materials standard (4 lbs. @ $2/1b.) $8 per finished unit Actual direct materials used 390,000 lbs Actual finished units produced 90.000 units Actual cost of direct materials used $770.000 Requirement 1: Compute the direct materials cost variance and identify as either F for favorable or for unfavorable. Cost variance = FU Requirement 2: Compute the direct materials price variance and identify as either Ffor favorable or for unfavorable. Price variance - FU Requirement 3: Compute the direct material quantity variance and identify as either Ffor favorable or Ufor unfavorable. Quantity variance - F/U