Check my wo 2 Exercise 10-7 (Algo) Direct Materials Variances (L010-11 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below 2 points loo Standard Quantity or Hours 6.10 pounds 0.50 hours References Direct materials Direct labor Standard Price or Rate $2.50 per pound $9.50 per hour Standard Cost $15.25 $ 4.75 During the most recent month, the following activity was recorded a Eleven thousand eight hundred pounds of material were purchased at a cost of $2.40 per pound b. The company produced only 1180 units, using 10,620 pounds of material (The rest of the material purchased remained in raw materials inventory) C 690 hours of direct labor time were recorded at a total labor cost of $8280 Required Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts os positive values. Do not round Intermediate calculations Check my work 2 Y UN NOU RUN HE IS A materials inventory) c. 690 hours of direct labor time were recorded at a total labor cost of $8.280 2 po Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "F" for Intermedinte calculations.) favorable for unfavorable, and "None" for no effect (le, zero varionce). Input all amounts as positive values. Do not round Materials are Materials gary variante