E9-7 (Algo) Calculating Direct Material and Labor Variances [LO 9-3, 9-4) 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 800 cakes and incurred the following actual costs. Direct materials purchased and used (1,140 pounds) $1,482 Direct labor (860 hours) $9,890 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 unfaw effect (i.e., zero variance).)