Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: Direct materials Direct labor SQ 1.2 pounds 0.8 hours SP $ 1.50 per pound $12.00 per hour During the month of May, the company made 600 cakes and incurred the following actual costs. Direct materials purchased and used (900 pounds) $1.170 Direct labor (660 hours) $7,590 Required: 1. Calculate the direct materials price variance 2. Calculate the direct materials quantity variance 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate variance) 5. Calculate the direct labor efficiency vanance, 6. Calculate the direct labor spending variance (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, a effect (ie., zero variance).) 1 Direct materials price variance 2 Direct materials Quantity variance Prev