Exercise 10-7 (Algo) Direct Materials Variances (LO10-1) 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 Standard Price Hours or Rate 5.30 pounds $2.50 per pound 0.50 hours $5.50 per hour Direct materials Direct labor Standard Cost $13.25 $ 2.75 During the most recent month the following activity was recorded: a. Ten thousand two hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1.020 units, using 9,180 pounds of material. (The rest of the material purchased remained in raw materials inventory) c610 hours of direct lobor time were recorded at a total lobor cost of $7,320 Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero varionce). Input all amounts as positive volues. Do not round Intermediate calculations) Mitenais price varianco Materiais quantity variance