Huron Company produces a commercial cleaning compound known as Zoom. The direct matenals and direct labor standards for one unit of Zoom are given below. Direct materials Direct labor Hours Standard Quantity or Standard Price on Rate Standard Cost $16.75 $6.25 6.70 pounds 8.50 hours 5 2.50 per pound $12.50 per hour During the most recent month, the following activity was recorded a. Thirteen thousand pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,300 units, using 11,700 pounds of material (The rest of the material purchased remained in raw materials Inventory) c. 750 hours of direct labor time were recorded at a total labor cost of $9,000 Required: Compute the materiais price and quantity variances for the month, (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values. Do not round Intermediate calculations.) Materials price variance Materials quantity variance