Exercise 10-10 Material Variances [L02] The direct materials and direct labour standards for one bottle ofClean-AII spray cleaner are given below: Standard Quantity Standard Price standard cu.- Hours or Rats coat Direct. materials ?.0 millilitres S 0.31 per millilitres $ 2.1? Direct labour 0.3 hours 3 12.00 par hour $ 3.60 During the most recent month. the following activity was recorded: a. 23,000 millilitres of material was purchased at a cost of $0.26 per millilitre. b. The company produced only 2,000 bottles, using 19.000 millilitres of material. {The rest of the material purchased remained in raw materials inventory} c. 600 hours of direct labour time was recorded at a total labour cost of $7,200. Required Compute the direct materials price and quantity variances for the month. {Indicate the effect of each variance by selecting "F" for favourable. "U" for unfavourable. and "None" for no effect ll.e.. zero variance\" - - Materials qua ntily va riance