, nom CorrecthtmlNaReg . true&returntri. https%3A%2F%2F conectmheducatio r 10 Homework Exercise 10-7 Direct Materials Variances [LO10-1 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and unit of Zoom are given below Standard Quantity Standard Price Standar Cost or Rate per or Hours s.28 pounds 8.40 hours Direct materials $3.ee pound Direct labor ss.ee per hour 2.ee es During the most recent month, the following activity was recorded a. Ten thousand pounds of material were purchased at a cost of $2.90 per pound b. The company produced only 1,000 units, using 8,000 pounds of material. (The rest of the material purchased remained in raw materials inventory) c. 500 hours of direct labor time were recorded at a total labor cost of $6,000. Required: Compute the materials price and quantity variances for the month favorable, "U" for unfovorable, and "None" for no effect fi.e., zero variance). Input all amounts as positive values. Do not rounc intermediate calculations.) F for Materials pnice vananoe Materials quantity vanance