Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for direct materials and direct labor: Direct materials (100 lbs. @ $1.00 per lb.) $100.00 Direct labor (0.5 hours at $24 per hour) 12.00 Total standard prime cost per 100 lb. bag $112.00 The following activities were recorded for October: 1,000 bags were manufactured 102,500 lbs. of materials costing $76,000 were purchased and used $12,000 was paid for 475 hours of direct labor There were no beginning or ending work-in-process inventories. Required: Compute spending, price and quantity variances for material and labor