Exercise 8-13 Direct Materials and Direct Labor Variances [LO8-4, LO8-5] 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 4.6 pounds $ 2.50 per pound 0.2 hours $12.00 per hour Direct materials Direct labor Standard Cost $11.50 $ 2.40 During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom C. 750 hours of direct labor time were recorded at a total labor cost of $10,425. Required: 1. 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 (i.e., zero variance).) Direct materials price variance Direct materials quantity variance