Petties makes pet beds. The standard for the beds calls for 2lbs of material at $4 per pound. Labor costs are estimated to be 1/4
hour at a rate of $20 per hour. In its first month of operations, the firm produced 150 beds. The material cost was $1,202.85 for 297 lbs of material. 50 hours of labor cost $950. Based on the above, the Standard Cost for each bed was $ materials and $ labor. The total material variance was $, composed of a quantity variance of $ and a price variance of $. The total labor variance was $ composed of a quantity (efficiency) variance of $ and a price (rate) variance of $. FOR ALL VARIANCES, PLEASE INCLUDE "F" FOR FAVORABLE VARIANCES AND "U" FOR UNFAVORABLE VARIANCES.