Ayayai Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound) $12 Direct labor (2 hours at $12 per hour) $24 During the month of April, the company manufactures 530 units and incurs the following actual costs. Direct materials purchased and used (3,460 pounds) $7,612 Direct labor (1,090 hours) $12.535 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Total Variance Price Variance $ Quantity Variances $ Save for Later Materials Not Applicable Favorable $ Unfavorable $ Labor Attempts: 0 of 1 used Submit