The accountants for ABC, Inc. have developed the following information regarding the standard cost and actual cost of a product manufactured in March:

Direct materials:

Standard: 84,000 oz @ $0.20 per ounce

Actual: 91,000 oz @ $0.22 per ounce

Direct labor:

Standard: 4,200 hours @ $12 per hour

Actual: 3,500 hours @ $13 per hour

Compute the following cost variances for ABC, Inc. Indicate whether each variance is favorable (F) or unfavorable (U).

1. Materials price variance: $__________

2. Materials quantity variance: $__________

3. Total materials variance $_______________

4 Labor rate variance: $__________

5 Labor efficiency variance: $__________