E11-7B Chino Inc., which produces a single product, has prepared the following stan- dard cost sheet for one unit of the product. Direct materials (6 pounds at $2.50 per pound Direct labor (3.1 hours at $12.00 per hour) 15.00 $37.20 During the month of April, the company manufactures 250 units and incurs the fol- lowing actual costs. Direct materials purchased and used (1,600 pounds) Direct labor (760 hours) $4,192 $8,740 Instructions Compute the total, price, and quantity variances for materials and labor