E9.7 (Algo) Calculating Direct Materlal and Direct Labor Varlances [Lo 9.3, 9.4] Betty's Bakery has the following standard cost sheet for one unit of its most popufar cake: During the month of May, the company made 980 cakes and incurred the following actual costs: Direct materials purchased and used (1,500 pounds). $1,950 Direct labor (1,040 hours), $11,960 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance, 3. Calculate the direct materials spending variance. 4. Caiculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requlrements, Indlicate the effect of each varlance by selecting "F" for fovorable, "U" for unfovorab and "None" for no effect (l.e., zero varlance). Round your Intermedlate calculations to two decimal pleces