Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Standard Quantity Standard Price Standard Cost Direct materials Direct labor 5 pounds $2.60 per pound $18.00 1.25 hours $12.00 per hour $15.00 $33.00 Total prime cost NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F" (for Favorable) or "U" (for Unfavorable) - capital letter and no quotes. Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. Complete the following table of variances and their conditions: Variance Material Price Material Quantity Total DM Cost Variance Variance Amount Favorable (F) or Unfavorable (U)