Question 20 12 pts Gala Enterprises reports the following information regarding the production on one of its products for the month. Direct materials standard (3 lbs. @ $4/lb.) $12 per finished unit Actual direct materials used 250,000 lbs. Actual finished units produced 90,000 units Actual cost of direct materials used $980,000 Requirement 1: Compute the direct materials cost variance and identify as either F for favorable or Ufor unfavorable. Cost variance = ,F/U Requirement 2: Compute the direct materials price variance and identify as either F for favorable or U for unfavorable. Price variance = , F/U Requirement 3: Compute the direct materials quantity variance and identify as either F for favorable or Ufor unfavorable. Quantity variance = , F/U