Exerclse 10-7 (Algo) Direct Materlals Varlances [LO10-1] furon. Company produces a commerclal cleaning compound known as Zoom. The direct materlals and direct labor standards for one Zoom are given below: During the mogt recent month, the following activty was recorded: a Eleven thousand wo hundred pounds of material were purchased at a cost of $290 per pound. b. The company produced only 1,120 units, using 10,080 pounds of material. (The rest of the material purchased remained in raw materals inventorys c. 548 hours of direct labor time were recorded at a total labor cost of $6.576. Required: Compute the materiais price and quantity variances for the month. (Indicate the effect of each varnance by selecting " F " for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as postitive values. Do not round intermedlate calculations.)