Direct Materials and Direct Labor Variances [LO10-1, LO10-2] es a commercial cleaning compound known as Zoom. The direct materials and d elow: Standard Quantity or Hours 7.20 pounds 0.50 hours Standard Price or Rate Standard Cost $ 2.90 per pound $ 20.88 $ 5.00 $ 10.00 per hour onth, the following activity was recorded: aterial were purchased at a cost of $2.60 per pound. hased was used to produce 2,000 units of Zoom. or time were recorded at a total labor cost of $8,800. rice and quantity variances for the month. and efficiency variances for the month. cate the effect of each variance by selecting "F" for favorable, "U" for unfa Input all amounts as positive values. Round your intermediate calculation