Tipton Company manufactures shirts. During June, Tipton made 1,200 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance favorable (F) or unfavorable (U). Direct Materials Cost Variance Data table Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost of fabric purchased and used Direct labor cost standard Direct labor efficiency standard Actual amount of direct labor hours Actual cost of direct labor Print $6.00 per yard of fabric 1.50 yards per shirt 1,680 yards $10,500 $15.00 per DLHr 2.00 DLHr per shirt 2,520 DLHr $36,540 Done X