A company has the following standard cost for its product: Standard Standard Price Quantity Direct material 1.2 Direct labor 0.8 $ 1.50 $12.00 In one month, the company manufactured 720 units. Direct material Actual used 1,020 Direct labor 780 Actual cost $1,326 $8,970 Required: Calculate the variances. (For all requirements, Indicate the effect of each variance by selecting "I effect (i.e., zero variance).) 1. Direct materials price variance 2. Direct materials quantity variance 3. Total direct materials spending variance