Award: 1.50 points Exercise 10-7 Direct Materials Variances [LO10-1 Huron Company produces a commercial cleaning compound known as Zoom. The direct ma terials and direct labor standards for one unit of Zoom are given below Standard Quantity Standard or Hours 5.80 pounds 0.40 hours Price $3.00 per pound or Rate Direct materials Direct labor Cost $17.40 S 320 $8.00 per hour During the most recent month, the following activity was recorded: a. Eleven thousand two hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,120 units, using 10,080 pounds of material. (The rest of the material purchased remained in raw materials inventory) c. 548 hours of direct labor time were recorded at a total labor cost of $6,576. anben Required Compute the materials price and quantity va mpute the materials price and quantity variances for the month.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, an effect (i.e., zero vari ance). Input all amounts as positive values. Do not round intermediate calculations.) Materials price variance Materials quantity variance