At the beginning of October, Cornerstone Printers Company budgeted 16,000 books to the printed in October at standard direct materials and direct labor costs as follows The standard materials price is $0.60 per pound. The standard direct labor rate is $10 per hour. At the end of October, the actual direct materials and direct labor costs were as follows: There were no direct materials price or direct labor rate variances for October. In addition, assume no changes in the direct materials inventory balances in October. Cornerstone Printers Company actually produced 14.000 units during October. Determine the direct materials quantity and direct labor time variances