Gates Company reports the following information regarding the production on one of its products for the month. Compute the direct materials cost variance, the direct materials price variance, the direct materials quantity variance and identify each as either favorable or unfavorable. 
Definitions:
Secured Creditor
A creditor with the benefit of a security interest in assets of the debtor, giving them a preferential position in the event of the debtor's insolvency.
Possession
The state or fact of owning, controlling, or having something in one's custody, legally or otherwise.
Enforceable Security Interest
A legal claim or lien on collateral that can be secured through judicial action if necessary.
Written Security Agreement
A legally binding document that creates a security interest, giving the lender a right to seize collateral if the borrower fails to meet the obligations of the loan.
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