Medex Pharmaceutical developed the following standard costs for its product in 2014:

CostStandard Cost CardUnit Standard CostDirect Materials1.2 pounds @ $2/pound$2.40Direct Labor0.25 hour @ $12/hour$3.00Mfg Overhead - Variable0.4 hours @ $3/hour$1.20Mfg Overhead - Fixed0.5 hours @ $4/hour$2.00$8.60

The company planned to work 2,725 direct labor hours and planned to produce 10,900 units of product in 2014.Actual results for 2014 are as follows:

- 11,000 units of product were produced.

- Actual direct materials purchased and used during the year amounted to 13,750 pounds at a cost of $28,875.

- Actual direct labor costs were $33,320 for 2,800 direct labor hours worked.

- Total actual manufacturing overhead incurred amounted to $35,740.

Calculate the following variances showing all computations supporting your answers.Indicate if the variances are favorable (F) or unfavorable (U).