Question 9 (7 points) Gadget Company has established the following standards for their product: Direct materials: 3.5 metres per unit at $5.00 per metre Actual operating results last year were as follows: Actual number of units produced 36,000 Budget number of units produced 35,000 Material purchased 130,000 metres, $4.80/metre $624,000 There were 1,000 metres of material in inventory at the end of the year (there was no opening inventory). Required: Calculate the direct material price and quantity variances. Show your work and label your variances with the name of the variance and favourable (F) or unfavourable (U). (7 marks)