Exercise $9-13($Algo$)$ Direct Materials and Direct Labor Variances $[$LO$9-4,$ LO$9-5]$

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:

$\backslash$table$[[,\backslash$table$[[$Standard$],[$Quantity or$],[$Hours$]],$Standard Price or Rate Standard Cost,$],[$Direct materials,$7\mathrm{.}50$ pounds,$$2\mathrm{.}40$ per pound,$$18\mathrm{.}00$