2. Hector Inc. which produces a single product, has prepared the following standard cost sheet for one unit of the product Direct materials (6 pounds at $2.50 per pound) $15.00 Direct Labor (3.1 hours at $12.00 per hour) $37.20 During the month of April, the company manufactures 250 units and incurs the following actual costs. Direct materials purchased and used (1,600 pounds) $4,192 Direct labor (760 hours) $8,740 Compute the total, price and quantity variances for materials and labor