Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May.

Standard Actual Cost per Unit Unit Direct materials s 5.04. Standard: 1.80 feet at S2.80 per foot s 5.25 Actual: 1.75 feet at S3.00 per foot Direct labor: Standard: 0.90 hours at S16.00 per hour 14.40 Actual: 0.95 hours at S15.40 per hour 14.83 Variable overhead Standard: 0.90 hours at S4.00 per hour 3.80 Actual: 0.95 hours at S3.50 per hour 3.42 Total cost per unit S23.04. $23.30 Excess of actual cost over standard cost per unit $0.26 The production superintendent was pleased when he saw this report and commented: "This $0.26 excess cost is well within the 2 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 10,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of materials Required: 1. Compute the following variances for May a. Materials price and quantity variances. (Input all amounts as positive values. Indicate the effect of each variance selecting "F" for favorable, U" for unfavorable, and "None' for no effect (i e, zero variance) Materials price variance Materials quantity