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The standard direct material cost per unit for Willis Group was $196 (= $49 per gallon x 4 gallons per unit)

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The standard direct material cost per unit for Willis Group was $196 (= $49 per gallon x 4 gallons per unit). During the period, actual direct materials costs amounted to $2,627,010, materials used totaled 55,530 gallons, and 13,380 units were produced. Required: Compute the direct materials price and efficiency variances for the period. 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.

Price variance

Efficiency variance