Huron Company produces a commercial cleaning compound known asZoom.The direct materials and direct labor standards for one unit of Zoom are given below: During the most recent month, the following activity was recorded: Eleven thousand two hundred pounds of material were purchased at a cost of $2.90 per pound. The company produced only 1, 120 units, using 10, 080 pounds of material. (The rest of the material purchased remained in raw materials inventory.) Five hundred and forty eight hours of direct labor time were recorded at a total labor cost of $6, 576. Compute the materials price and quantity variances for the month. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "IF for unfavorable, and "None" for no effect (i.e., zero variance).)