Cheyenne Manufacturing which produces a single product, has prepared the following standard cost sheet for ane 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 350 units and incurs the following actual costs. Direct materials purchased and used (2.200 pounds) $4.840 Direct labor (710 hours) $8,165 Compute the total, price, and quantity variances for materials and labor, Identify whether each variance is favorable or unfavorable. Cheyenne 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 compamy manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,200 pounds) $4,840 Direct laber (710 hours) $8,165 Compute the total, price, and quantity variances for materials and labor, Identify whether each variance is favorable or unfivorable