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Standard Costs and Variances Gala Enterprises reports the following information regarding the production on one its products for the month. Requirement 1: Compute the direct materials cost variance and identify as either F for favorable or U for 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 U for unfavorable. Quantity variance = , F/U