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 V28. A total of 3,600 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance 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.) The following labor standards have been established for a particular product: Standard labor hours per unit of output Standard labor rate 4.2. hours $16.90 per hour The following data pertain to operations concerning the product for the last month: Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance 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.) The standards for product G78V specify 4.7 direct labor-hours per unit at $12.50 per direct labor-hour: Last month 1,660 units of product G78V were produced using 7,860 direct laborhours at a total direct labor wage cost of $94,220. Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance 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.)