Standard Quantity or Hours 6.50 pounds Standard Price or Rate Standard Cost Direct materials Direct labor 2.50 per pound$16.25 0.50 hours $11.50 per hour $5.75 During the most recent month, the following activity was recorded a. Twelve thousand six hundred pounds of material were purchased at a cost of $2.40 per pound b. The company produced only 1,260 units, using 11,340 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 730 hours of direct labor time were recorded at a total labor cost of $8,760 Required: Compute the materials price and quantity variances for the month. (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. Do not round intermediate calculations.) Materials price variance $1,260 Materials quantity variance