Please show step by step on how to solve Materials quantity variance. Thank you.

Return to question 3 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: 10 points Standard Quantity Standard Price Standard or Hours or Rate Cost $11.50 $ 2.40 Direct materials 4.6 pounds 2.50 per pound Direct labor 0.2 hours $18.00 per hour During the most recent month, the following activity was recorded a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound b. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.) C. 750 hours of direct labor time were recorded at a total labor cost of $14,925 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 (i.e., zero variance). Input all amounts as positive values.) Answer is complete but not entirely Materials price variance $3,000F Materials quantity variance 15,50