Standard Cost Variance Analysis: Alpha Company produces toys for national distribution. The standard cost card for one o

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Standard Cost Variance Analysis: Alpha Company produces toys for
national distribution. The standard cost card for one of its
products shows the following: Standard allowed Standard cost per
unit Direct Materials 12 ozs. @ $0.56 per oz. $6.72 Direct Labor 2
hrs. @ $5.50 per hr. 11.00 During the month of December, Alpha
produced 2,000 units of the product. Actual purchasing and
production figures for the month were: Direct Materials Purchased:
28,000 ozs., at a total cost of $14,560 Direct Materials Used in
Production: 27,000 ozs. Direct Labor Incurred: 3,900 hrs. at a
total cost of $22,425 REQUIRED: Compute the material and labor
standard cost variances and clearly indicate whether the variance
is Favorable (F) or Unfavorable (U). You must show your
calculations to receive credit.