Exercise $10-6($Algo$)$ Direct Materials and Direct Labor Variances $[$LO$10-1,$ LO$10-2]$

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:

Standard Quantity or Hours Standard Price or Rate Standard Cost

Direct materials $7\mathrm{.}90$ pounds $ $2\mathrm{.}10$ per pound $ $16\mathrm{.}59$

Direct labor $0\mathrm{.}50$ hours $ $5\mathrm{.}00$ per hour $ $2\mathrm{.}50$

During the most recent month, the following activity was recorded:

$14,850\mathrm{.}00$ pounds of material were purchased at a cost of $$2\mathrm{.}00$ per pound.

All of the material purchased was used to produce $1,500$ units of Zoom.

$600$ hours of direct labor time were recorded at a total labor cost of $$4,200.$

Required:

$1.$ Compute the materials price and quantity variances for the month.

$2.$ Compute the labor rate and efficiency variances for the month.

$($For all requirements, Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).$ Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.$)$