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 Standard Price or Rate Standard Cost Direct materials 7.40 pounds $ 2.30 per pound $ 17.02 Direct labor 0.90 hours $ 8.50 per hour $ 7.65 During the most recent month, the following activity was recorded: 21,500.00 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. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for