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: During the month of May, the company made 680 cakes and incurred the following actual costs. Direct materials purchased and used ( 980 pounds) $1,274 Direct labor (740 hours) $8,510 Required: 1. Calculate the direct materials price variance. 2. Caiculate 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 unfavorable, and "Non effect (i.e., zero variance).)