Sharp Company manufactures a product for which the following standards have been set:

Standard Quantity

or HoursStandard Price

or RateStandard

CostDirect materials3feet$5per foot$15Direct labor?hours?per hour?

During March, the company purchased direct materials at a cost of $56,650, all of which were used in the production of 3,250 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $37,750. The following variances have been computed for the month:

Materials quantity variance$3,750ULabor spending variance$1,250FLabor efficiency variance$200U

for direct materials

b. Compute the price variance and the spending variance.(Do not round 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)).