In producing 700 units of Product CBA last period. Cobalt Company used 5.000 pounds of Material H, costing $34, 250. The company has established the standard of using 7.2 pounds of Material H per unit of CBA, at a price of $7.50 per pound. Required: Calculate the following direct material variances associated with producing the 700 units, and indicate whether each variance is favorable (F) or unfavorable (U) Quantity Variance: Price Variance: Total Direct Materials Cost Variance