Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards...

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Huron Company produces a 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 6.30 pounds Standard Price or Rate $ 2.50 per pound $ 10.50 per hour Standard Cost $ 15.75 $5.25 0.50 hours During the most recent month, the following activity was recorded: a. Twelve thousand two hundred pounds of material were purchased at a cost of $2.40 per pound b. The company produced only 1,220 units, using 10,980 pounds of material (The rest of the material purchased remained in raw materials inventory.) c. 710 hours of direct labor time were recorded at a total labor cost of $8,520. Required: Compute the materials price and quantity variances for the month Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Answer is complete but not entirely correct. Materials price variance 2,000 F Materials quantity variance $ 8,235 U Huron Company produces a 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 6.30 pounds Standard Price or Rate $ 2.50 per pound $ 10.50 per hour Standard Cost $ 15.75 $5.25 0.50 hours During the most recent month, the following activity was recorded: a. Twelve thousand two hundred pounds of material were purchased at a cost of $2.40 per pound b. The company produced only 1,220 units, using 10,980 pounds of material (The rest of the material purchased remained in raw materials inventory.) c. 710 hours of direct labor time were recorded at a total labor cost of $8,520. Required: Compute the materials price and quantity variances for the month Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Answer is complete but not entirely correct. Materials price variance 2,000 F Materials quantity variance $ 8,235 U