Ch 10 Assignment You skipped this question in the previous attempt Check my work 3 Standard Quantity or Standard Price Hours or Rate 7.20 pounds $ 2.90 per pound 0.50 hours $10.0 per hour Direct materials Direct labor Standard 'Cost $28.88 $ 5.ee 20 Soins During the most recent month the following activity was recorded 01-15:01 16,900.00 pounds of material were purchased at a cost of $260 per pound b. All of the material purchased was used to produce 2,000 units of Zoom C 800 hours of direct labor time were recorded at a total labor cost of $8,800 600 References Required: 1. Compute the materials price and quantity variances for the month 2. Compute the labor rate and efficiency variances for the month (For all requirements, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values, Round your intermediate calculations to the nearest whole dollar) 1. Materials price variance Matonais quantity variance 2 Laborrate variance Labor efficiency variance