Question 14 (of 17) 3 value: 1.29 points Exercise 17-18 Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-1) Gates Corporation reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price times actual amount of materials used Actual production Standard direct materials costs per unit produced $ 683,000 $ 708,000 $ 454,000 24,000 units $ 18 Required: Compute the direct materials cost variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there i Direct Materials Price variance Efficiency variance Cost variances