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 780 cakes and incurred the following actual costs. Direct materials purchased and used (1,100 pounds) $1,430 Direct labor (840 hours) $9,660 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Answer is complete but not entirely correct. 1. 2. 3. Direct materials price variance Direct materials quantity variance Total direct materials spending variance Direct labor rate variance Direct labor efficiency variance $ 260 F S 366 U $ 106 U $ 470 XF $ 2,832 X U OOOOO 4. 5