Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to ''get things under control.'' Upon reviewing the plant?s income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: During June the plant produced 3,000 pools and incurred the following costs: a. Purchased 17,600 pounds of materials at a cost of $3.25 per pound. b, Used 12,400 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) c. Worked 2,100 direct labor-hours at a cost of $8.00 per hour. d. Incurred variable manufacturing overhead cost totaling $7,560 for the month. A total of 1800 machine- hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis, Required: 1. Compute the following variances for June: a. Materials price and quantity variances. (Indicate the effect of each variance by selecting ''F'' for favorable, ''U'' for unfavorable, and ''None'' for no effect (i.e., zero variance).) Material price variance b. Labor rate and efficiency variances. (Indicate the effect of each variance by selecting ''F'' for favorable, ''U'' for unfavorable, and ''None'' for no effect (i.e., zero variance).) c. Variable overhead rate and efficiency variances. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting ''F'' for favorable, ''U'' for unfavorable, and ''None'' for no effect (i.e., zero variance).) 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (Input all values as positive amounts. Indicate the effect of each variance by selecting ''F'' for favorable, ''U'' for unfavorable, and ''None'' for no effect (i.e., zero variance).) 3. Pick out the two most significant variances that you computed in (1) above. (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.)