Saved Help Save & Exit S A company produces a chemical compound that can be sold for industrial use. The direct materials and direct labor standards for one unit of the product are given below: Standard Quantity or Standard Price Hours or Rate 7.50 pounds $2.40 per pound 0.80 hours $7.00 per hour Direct materials Direct labor Standard Cost $18.00 $ 5.60 During the most recent month, the following activity was recorded: a. 13,250.00 pounds of material were purchased at a cost of $2.20 per pound. b. All of the material purchased was used to produce 1,500 units of product. c. 1,000 hours of direct labor time were recorded at a total labor cost of $9,000. Required: 1. Compute the materials price and quantity variances for the month 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None for no effect (l.e., zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.) 1 Materials price varianco Materials quantity variance Labor rate variance 2 Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.) 1. Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance 2