Homework 39 Hele Set Exercise 10-6 (Algo) Direct Materials and Direct Labor Variances (L010-1, L010-21 2 07 points Huron Company produces a commercial cleaning compound known as Zoom. The direct materies and direct labor andards for one unit of Zoom are given below Standard Quantity Standard or Hours Standard Price or Rate Cost Direct materials 7.50 pounds Direct labor 0.80 hours $ 2.40 per pound $ 7.00 per hour 15.60 During the most recent month, the following activity was recorded a. 13,250.00 pounds of material were purchased at a cost of $2 20 per pound b. All of the material purchased was used to produce 1500 units of Zoom c. 1000 hours of direct labor time were recorded at a total tabor cost of $9.000. References Required: 1 Compute the materials price and quantity variances for the month 2. Compute the labor rate and efficiency variances for the month (For all requirements, Indicate the effect of each variance by selecting "F" for favorable. "V" for unfavorable, and one forno effect (Le.. zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole doc) 1. Material price variance 1. Materiais quantity variance 2. Laborrate variance 2. Labor eficiency variance