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 production	34,150 pounds
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 F or 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