please answer it in the same format as it shows in the question

Exercise 10B-2 Materials and Labour Variances; Journal Entries [LO2, LO3, LO9] Marmot Products began production of a new product on April 1. The company uses a standard costing system and has established the following standards for one unit of the new product: During April, the following activity was recorded regarding the new product: a. Purchased 7,000 metres of materials at a cost of $5.75 per metre. b. Used 6,000 metres of materials to produce 1,500 units of the new product. c. Worked 725 direct labour-hours on the new product at a cost of $8,120. Required: 1. For direct materials: a. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero variance).)