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

Huron Company produces a 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 $6\mathrm{.}50$ pounds $ $1\mathrm{.}90$ per pound $ $12\mathrm{.}35$

Direct labor $0\mathrm{.}30$ hours $ $13\mathrm{.}00$ per hour $ $3\mathrm{.}90$

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

$20,500\mathrm{.}00$ pounds of material were purchased at a cost of $$1\mathrm{.}70$ per pound.

All of the material purchased was used to produce $3,000$ units of Zoom.

$800$ hours of direct labor time were recorded at a total labor cost of $$12,000.$

Required:

Compute the materials price and quantity variances for the month.

Compute the labor rate and efficiency variances for the month.

Note: 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.