Homework #9 Ser 1 07 Exercise 10-7 (Algo) Direct Materials Variances (L010-11 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct bor standards for one unit of Zoom are given below Standard wantity Standard of ours Standard Price rate Cost Direct materiais 7.00 pounds $ 3.20 per pound 5 21.00 Direct labor 2.40 hours 514.00 per hour During the most recent month, the following activity was recorded. a. Thirteen thousand six hundred pounds of material were purchased at a cost of $290 per pound D. The company produced only 1360 units, using 12.240 pounds of material (The rest of the material purchased and now materials inventory) c. 644 hours of direct labor time were recorded at a total tabor cost of $1728 ook Heterences Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effect... zero variance). Input all amounts as positive values. Do not round Intermediate calculations.) Material price variance Materials quantity arance