Exercise 10-7 (Algo) Direct Materials Variances [LO10-11 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 Oy Directed Direct labor Standard price core 3.00 per pund 9. Standard Cost 313, 13. 6.00 pounds 0.4 hours During the most recent month, the following activity was recorded a Eleven thousand six hundred pounds of material were purchased at a cost of $290 per pound b. The company produced only 100 units using 10.440 pounds of material (The rest of the material purchased remained in raw materials inventory) 564 hours of direct labor time were recorded at a total labor cost of 56.768 Required: Compute the materials price and quantity variances for the month (Indicate the effect of each verlance by selecting for favorable, "U" for unfavorable, and "None" for no effectie, zero variancel. Input all amounts es positive values. Do not round Intermediate calculations:) Materials price variance Materials any wariance