Blue Spruce 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 540 units and incurs the following actual costs. Direct materials purchased and used (3,530 pounds) $7,766 Direct labor (1,100 hours) $12,650 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Materials Labor Total Variance $ Price Variance $ $ Quantity Variance $ $ e Textbook and Media