Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 1.50 meters at $5.80 per meter Direct labor: .40 hours at $14.00 per hour $ 8.70 $5.60 During the most recent month, 7,800 units were produced. The costs associated with the month's production of this product were as follows: $ 85,120 Material purchased: 15,200 meters at $5.60 per meter Material used in production: 11,800 meters Direct labor: 3,070 hours at $14.20 per hour $43,594 The standard cost variances for direct material and direct labor are: Materials price variance: 15,200 meters at $0.20 per meter F Materials quantity variance: 100 meters at $5.80 per meter U Labor rate variance: 3,070 hours at $0.20 per hour U Labor efficiency variance: 50 hours at $14 per hour F $3,040 F S580 U $ 700 F