Exercise $17-24($Algo$)$ Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal

$($LO $17-2)$

The cost analyst for Sheffer Systems collected the following data concerning direct materials:

Actual production

Direct materials purchased $($actual$)$

Standard cost of materials purchased

Standard direct materials costs per unit produced

Standard price times actual amount of materials used

$38,000$ units

$$720,300$

$726,000$

$17$

$666,200$

Required:

Compute the direct materials cost variances.

Note: Indicate the effect of each variance by selecting $"$F$"$ for favorable, or $"$U$"$ for unfavorable. If there is no effect, do not select

either option.