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Exercise 10-7 Direct Materials Variances (LO10-1) Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below. Standard Quantity Standard Price Standard or Hours or Rate Cost 6.70 pounds $ 2.50 per pound $16.75 0.50 hours $12.50 per hour $ 6.25 Direct materials Direct labor ances During the most recent month, the following activity was recorded: 0. Thirteen thousand pounds of material were purchased at a cost of $2.40 per pound. a. The company produced only 1,300 units, using 11,700 pounds of material (The rest of the material purchased remained in raw materials Inventory) b. 750 hours of direct labor time were recorded at a total labor cost of $9,000. Required: Compute the materials price and quantity variances for the month (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts os positive values. Do not round Intermediate calculations.) s 325 Materials price variance Materials quantity variance