variance Analysis Assignment-Connect LOB-Variance Analysis Assignment Saved Grades-Winner Semester 20212022 Principles and Practices of 100-002)- 3 Exercise 11-2 Computing All Variances (LO3-CC15, 17, 18; LO4 - CC22, 23) Help Save & Exit Submit 8 points eBook Print References Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labour standards for one unit of Zoom follow. Standard Quantity Standard Price Direct materials Direct labour Variable overhead or Hours 4.10 kilograms 0.41 hour 0.41 hour or Rate Standard Cost $2.10 per kilogram $8.00 per hour $1.30 per hour $8.61 3.28 0.53 The budgeted fixed overhead cost is $14,224 per month. The denominator activity level of the allocation base is 1148 direct labour-hours. During the most recent month, the following activity was recorded. a. 9,900 kilograms of material were purchased at a cost of $2.20 per kilogram. b. All of the material purchased was used to produce 2,800 units of Zoom. c. A total of 770 hours of direct labour time was recorded at a total labour cost of 9,086. d. The variable overhead cost was $1,540, and the fixed overhead cost was $22,811 Required: 1. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Materials price variance $ Materials quantity variance $ 990 F 3,318 U