5 Individual Assignment value 10.00 points Huron Company produces a commercial dleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below Standard Quantity or Standard Price Standard Cost Direct materials 5.2 pounds $ 3.00 per pound$15.60 2.00 Hoursor Rate Direct labor 0.4 hours 5.00 per hour During the most recent month, the following activity was recorded a. Ten thousand pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,000 units, using 8,000 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. Five hundred hours of direct labor time were recorded at a total labor cost of $6,000 Required Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None for no effect (i.e., zero variance). Do not round intermediate calculations.) Direct materials price variance Direct materials quantity variance