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: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 6.90 pounds $ 2.50 per pound $ 17.25 Direct labor 0.50 hours $ 13.50 per hour $ 6.75 During the most recent month, the following activity was recorded: Thirteen thousand four hundred pounds of material were purchased at a cost of $2.40 per pound. The company produced only 1,340 units, using 12,060 pounds of material. (The rest of the material purchased remained in raw materials inventory.) 770 hours of direct labor time were recorded at a total labor cost of $9,240. Required: Compute the materials price and quantity variances for the month.