Exercise $10-7($Algo$)$ Direct Materials Variances $[$LO$10-1]$

Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:

$\backslash$table$[[,$Standard Quantity,,Standard$],[,$or Hours,Standard Price or Rate,Cost$],[$Direct materials,$6\mathrm{.}70$ pounds,$$2\mathrm{.}50$ per pound,$$16\mathrm{.}75$