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Premium, Inc. produced 1,000 units of the company's product in 2018 . The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.15 per yard. The accounting records showed that 2,400 yards of cloth were used and the company paid $1.20 per yard. Standard time was two direct labor hours per unit at a standard rate of $10.75 per direct labor hour. Employees worked 1,600 hours and were paid $10.25 per hour. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC= actual cost; AQ= actual quantity; FOH = fixed overhead; SC= standard cost; SQ= standard quantity.)