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:

$\backslash$table$[[,$Standard Quantity or$,,],[,$Hours,Standard Price or Rate,Standard Cost$],[$Direct materials,$7\mathrm{.}00$ pounds,$$2\mathrm{.}20$ per pound,$$15\mathrm{.}40$M