A bakery makes a "7-pound cake" with the following standard costs: Standard quantity or hours Standard price or rate Direct materials 7.1 pounds $5 per pound Direct labor 0.8 hours $17 per hour The bakery reported the following results concerning the 7-pound cake in July. Originally budgeted output 4,700 units Actual output 4,500 units Raw materials used in 34,150 pounds production Actual direct labor hours 3,610 hours Actual price of raw materials $5.10 per pound Actual direct labor rate $18.10 per hour Compute the materials price variance and the materials quantity variance. Show full dollar amounts without $ signs or decimals. Use a comma for separating thousands and indicate whether the variance is favorable or unfavorable. For example, enter 2,520 For 1,971 U. materials price variance materials quantity variance Using the standards from the problem above, the bakery wants to compare their static budget to the flexible budget. The selling price per cake is $65. Help them prepare the flexible budget. Show full dollar amounts without $ signs or decimals. Use a comma for separating thousands. Flexible Budget Static Budget Revenues 305,500 Direct materials 166,850 Direct Labor 63,920 Contribution Margin 74,730