Help Save & Exit Subm heck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Standard Quantity or Hours 6.80 pounds 0.40 hours Direct materials Direct labor Standard Price o r Rate $ 3.00 per pound $13.00 per hour Standard Cost $20.40 $ 5.20 During the most recent month, the following activity was recorded: a. Thirteen thousand two hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,320 units, using 11,880 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 628 hours of direct labor time were recorded at a total labor cost of $7,536. Required: Compute the materials price and quantity variances for the month. (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. Do not round intermediate calculations.) & Answer is complete but not entirely correct. Materials price variance Materials quantity variance s $ 1,320F 3,960 U