Exercise 10-7 Direct Materials Variances (L010-1) 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 Hours 5.50 pounds 0.50 hours Direct materials Direct labor Standard Price or Rate $2.50 per pound $6.50 per hour Standard Cost $13.75 $ 3.25 During the most recent month, the following activity was recorded: a. Ten thousand six hundred pounds of material were purchased at a cost of $2.40 per pound b. The company produced only 1,060 units, using 9,540 pounds of material (The rest of the material purchased remained in raw materials inventory) C.630 hours of direct labor time were recorded at a total labor cost of $7560 Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "P" for favorable. "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values. Do not round intermediate calculations.) Materials price variance Material quantity vonance