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: Direct materials Direct labor Standard Quantity or Hours 7.20 pounds 0.50 hours Standard Price or Rate Standard Cost $ 20.88 $ 5.00 $ 2.90 per pound $ 10.00 per hour During the most recent month, the following activity was recorded: a. 16,900.00 pounds of material were purchased at a cost of $2.60 per pound. b. All of the material purchased was used to produce 2,000 units of Zoom. c. 800 hours of direct labor time were recorded at a total labor cost of $8,800. Required: 1. Compute the materials price and quantity variances for the month.