Brief Exercise 24.8 (Static) Computing Materials Cost Variances (LO24-3) One of the products of Hearts \& Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo (minimum order, 100 boxes). The standard cost of the chocolate candy used is $2 per pound. During November, 20,000 of these onepound boxes were produced, requiring 20,800 pounds of chocolate candy at a total direct materials cost of $42,640. Determine the materials price and quantity variances for November with respect to the candy used in producing this product. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).)