Shannon Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (8 pounds at $2.50 per pound) ...... $20

Direct labor (3 hours at $12.00 per hour) ............... $36

During the month of April, the company manufactures 230 units and incurs the following actual costs.

Direct materials purchased and used (1,900 pounds) ......$4,940

Direct labor (700 hours) ..................................................$8,120

Instructions

Compute the total, price, and quantity variances for materials and labor.