Chapter 10 In-Class Case Use the information from Exercises E10-6 and E10-7 on page 474 of your textbook for Huron Company to complete the requirements as listed in the exercises EXERCISE 106 Direct Materials and Direct Labor Variances LO10-19, LO10-20 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: Direct materials Direct labor Standard Quantity or Hours 4.6 pounds 0.2 hours Standard Price Standard or Rate Cost $2.50 per pound $11.50 $18.00 per hour $3.60 During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. EXERCISE 10-7 Direct Materials Variances LO10-10 Refer to the data in Exercise 10-6. Assume that instead of producing 4,000 units during the month, the company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.) Required: Compute the materials price and quantity variances for the month