Crane Company has a materials price standard of $2.00 per pound. 4000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4000 pounds, although the standard quantity allowed for the output was 3400 pounds. Crane Company's materials quantity variance is $1200 F. $1320 F. $1320 U. $1200 U. Waterway Industries manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 3100 units were produced using 6500 hours at $18.30 per hour. The labor price variance was $7350 F. O $5400 U. $7350 U. O $1950 U