Timber Enterprises purchased 66,500 pounds (cost =$478,800 ) of direct material to be used in the manufacture of the company's only product. According to the production specifications, each completed unit requires five pounds of direct material at a standard cost of $7 per pound. Direct materials consumed by the end of the period totaled 64,200 pounds in the manufacture of 19,500 finished units. An examination of Timber's payroll records revealed that the company worked 48,000 labor hours ( cost =$667,200) during the period, and specifications called for each completed unit requiring 2.4 hours of labor at a standard cost of $14.1 per hour. Use the information to compute the following variances: Required: Compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).)