Bridgeport 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 340 units and incurs the following actual costs. Direct materials purchased and used (2,130 pounds) Direct labor (700 hours) $4,686 $7,700 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Materials Total Variance $ -606 Unfavorable Price Variance $ 180 Unfavorable $ Quantity Variance $ $ Labor