Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below Standard Quantity or Hours 7.00 pounds 0.45 hours Direct materials Direct labor Standard Price or Nate 52.2e per pound $7.00 per hour Standard Cost $15.40 $.3.15 During the most recent month, the following activity was recorded a. 19,500.00 pounds of material were purchased at a cost of $2.10 per pound All of the material purchased was used to produce 2.500 units of Zoom c. 1025 hours or direct labor time were recorded at a total labor cost of 59.225 Required: 1. Compute the material price and quantity vartances for the month 2 Compute the labor rate and emciency variances for the month For all requirements, indicate the effect of each variance by selecting for favorable. Mon for unfavorable, and "None for no effectie. zero variance). Input all amounts os positive values, Round your intermediate calculations to the nearest whole dollar) 1 Material price variance Material quantity Valance 2 Laboravne Labor officiency variance Dawson Toys, Ltd. produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy Direct materials: 7 microns per toy at $0.31 per micron Direct labor: 1.2 hours per toy at $6.70 per hour During July, the company produced 5,500 Maze toys. The roy's production data for the month are as follows Direct marerials 73,000 microns were purchased at a cost or $0.30 per micron 24,875 of these microns were still in inventory at the Direct labor. 7000 direct labor-hours were worked at a cost of $49.700. Required: 1. Compute the following variances for July (Indicate the effect of each variance by selecting "F" Por favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values. Do not round Intermediate calculations, Round final answer to the nearest whole dollar amount.) a. The materials price and quantity variances The labor rate and efficiency variances end of the month 10 Maten price variance Material quantity variance Laborrate variance Laborecency range Tb Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers the factory should work 1,020 hours each month to produce 2,040 sets of covers. The standard costs associated with this level of production are Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 37,740 $9,100 Per Set of Covers $18.50 4.se 1.20 $24.20 During August, the factory worked only 1.000 direct labor-hours and produced 2.900 sets of covers. The following actual costs were recorded during the month: Per Set of covers $10.20 4.70 Total $ 52,730 $ 13,30 $ 4,640 Direct materiais (9,100 yards Direct Labor Variable manufacturing overhead $24.50 Ar standard, each set of covers should require 2.5 yards of material All of the material purchased during the month were used in production Required: 1 Compute the material price and quantity variances for August 2. Compute the labor rate and efficiency variances for August 3. Compute the variable overhead rate and efficiency vertonces for August indicate the effect of each variance by selecting "P" for favorable "U" for unfavorable, and "one" for no effect (l.. ter variance). Input all amounts os positive values.) 1 Male price variance Matonais quantity variance 2 Laboral variante Laborcy vanance 3 Vale overheater Variable ovelhead in variance