Standard Cost Variance Analysis: Alpha Company produces toys for national distribution. The standard cost card for one of its products shows the following: Standard allowed Standard cost per unit Direct Materials 12 ozs. @ $0.56 per oz. $6.72 Direct Labor 2 hrs. @ $5.50 per hr. 11.00 During the month of December, Alpha produced 2,000 units of the product. Actual purchasing and production figures for the month were: Direct Materials Purchased: 28,000 ozs., at a total cost of $14,560 Direct Materials Used in Production: 27,000 ozs. Direct Labor Incurred: 3,900 hrs. at a total cost of $22,425 REQUIRED: Compute the material and labor standard cost variances and clearly indicate whether the variance is Favorable (F) or Unfavorable (U). You must show your calculations to receive credit.