6 Exercise 10-7 Direct Materials Variances (1010-1 Huron Company produces a commercial cleaning 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 or Direct waterial: 6.70 pounds $ 2.50 per pound $15.75 Direct labor co Cat sors During the most recent month, the following activity was recorded Thirteenthousand pounds of material were purchased at a cost of $2.40 per pound b. The company produced only 1.300 units, using 11.700 pounds of material (The rest of the material purchased remained in row materials inventory) 6.750 hours of direct lobortime were recorded at a total labor cost of $9.000 Required: Compute the materials price and quantity varionces for the month (Indicate the effect of enth varionce by selecting for favorable. "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts es positive values. Do not round intermediate calculations.) Malance vonance