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Betty's Bakery has the following standard cost sheet for one unit of its...

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Accounting

Betty's Bakery has the following standard cost sheet for one unit of its most popular cake:
During the month of May, the company made 640 cakes and incurred the following actual costs:
Direct materials purchased and used (940 pounds), $1,222
Direct labor (700 hours), $8,050
Required: Calculate the following:
Direct materials price variance
Direct materials quantity variance
Total direct materials variance (direct materials spending variance)
Direct labor rate variance
Direct labor efficiency variance
Total direct labor variance (direct labor spending variance)
Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None"
for no effect (i.e., zero variance). Round your intermediate calculations to two decimal places.
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