AQ(AP-SP) SP(AQ-SQ) AH(AR-SR) AH times AR - SH - SR SR(AH-SH) AQ times AP - SQ times SP Forrest Inc, has developed the following standard costs for its one product: Direct materials - 4 pounds at $3.50 per pound. Direct labour-5 hours at $15.00 per hour. During May, Forrest Inc., produced 300 units; it paid $4,370 for 1150 pounds of direct materials. It paid workers $22,000 for 1500 hours. Compute the following and state whether the variance is favorable or unfavorable: Total materials variance Materials price variance Materials quantity variance Labor quantity variance Total labor variance