8.34 Calculating materials and labor price and quantity variances The Glass Vessel Company has established the following budget for producing one of its hand-blown vases: Materials (silica) 2 pounds at 1.25 per pound Labor 1.5 hours at $15.00 per hour In March of the most recent year, Glass Vessel produced 300 vases using 650 pounds of materials. Glass Vessel purchased the 650 pounds of materials for $845. Labor costs for March were $7,200 for 480 hours worked. Required: a. What were Glass Vessel's materials price and materials quantity variances for March? (Input all amounts as positive values and denote whether each variance is favorable (F) or unfavorable (U). Round answers to 2 decimal places, e.g. 5.25.) Materials price variance Materials quantity variance $ b. What were Glass Vessel's labor price and labor quantity variances for March? (Input all amounts as positive values and denote whether each variance is favorable (F) or unfavorable (U); If an answer is zero, please enter zero for the amount and select NA for the variance.) Labor price variance Labor quantity variance