Alpha Company produces toys for national distribution. The standard cost card for one of its products shows the following: During the month of December, Alpha produced 2,000 units of the product. Actual purchasing and production figures for the month were: Direct Materials Purchased: 28,000 at a total cost of $14,560 Direct Materials Used in Production: 27,000 Direct Labor Incurred: 3,900 hrs. at a total cost of $22,425 Compute the following standard cost variances and clearly indicate whether the variance is Favorable (F) or Unfavorable (U). You must show your calculations to receive credit