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 or Standard Price Hours or Rate 6.50 pounds $2.50 per pound 0.50 hours $11.50 per hour Direct materials Direct labor Standard Cost $16.25 $ 5.75 During the most recent month, the following activity was recorded: . Twelve thousand six hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1.260 units, using 11,340 pounds of material (The rest of the material purchased remained in row c. 730 hours of direct labor time were recorded at a total labor cost of $8,760. Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values. Do not round Intermediate calculations.) Materials price variance Material quantity variance