The standards for product V28 call for 9.5 pounds of a raw material that costs $19.40 per pound. Last month, 3,500 pounds of the raw material were purchased for $67,200. The actual output of the month was 360 units of product V 28 . A total of 3,600 pounds of the raw materlal were used to produce this output. The direct materlals purchases varlance is computed when the materlals are purchased. Required: a. What is the materlals price varionce for the month? b. What is the materials quantity varlance for the month? (Indicate the effect of each voriance by selecting " F " for favorable, " U " for unfovorable, and "None" for no effect (i.e., zero vorionce). Input all omounts as positive values.) The following labor standards have been established for a particular product: Standard labor hours per unit of output Standard labor rate 4.5 hours 3 17.60 per hour The following data pertain to operations concerning the product for the last month: Required: o. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month? (Indicate the effect of each voriance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zer variance). Input all amounts as positive values.)