Huron Company produces a commerclat deaning compound known as Loom. The difect materials and direct labor standainds for one unit of 700m are given below: Duing the most recent month, the following activily was recorded: a. Eleven thousand two hundred pounds of inatedal were purchased at a cost of $2.50 per pound. b. The company produced only 1,20 units, using 10.080 pounds of materlat, (the rest of the material parchased remained in raw materials imentory.) c. 548 hours of direct labor time were recorded at a fotal labor cost at $5,576. Required: Compute the moterials price and quantity varionces for the month. (indicete the effect of each verinnse by welecting "F for