Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 3,500 chopping boards using 2,485 board feet of hardwood. The hardwood cost the company $18,886. The companys standards for one chopping board are 0.63 board feet of hardwood, at a cost of $8.00 per board foot. Required: 1. According to the standards, what cost for wood should have been incurred to make 3,500 chopping blocks? How much greater or less is this than the cost that was incurred? Break down the difference computed in (1) above into a materials price variance and a materials quantity variance.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

I was able to determine the following:

However, I'm having trouble determing the variances

I think the Materials quantity variance is correct, but I am unsure of the formula for Materials price variance.

3,500 0.63 2,205 $8.00 $ 17,640 $ 18,886 17,640 $ 1,246 Number of chopping blocks Number of board feet per chopping block Standard board feet allowed Standard cost per board foof Total standard cost Actual cost incurred Standard cost Spending varianceunfavorable