Ex. 200 Deines, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Deines estimated 8,000 tybos would be produced in March. Deines has established the following material and labor standards to produce one tybo: Standard Quantity Standard Price Direct materials 2.5 pounds $3 per pound Direct labor 0.6 hours $10 per hour During March 2009, the following activity was recorded by the company relating to the production of tybos: 1. The company produced 7,500 units during the month. 2. A total of 20,000 pounds of materials were purchased at a cost of $55,000 3. A total of 20,000 pounds of materials were used in production. 4. 4,000 hours of labor were incurred during the month at a total wage cost of $44,000. Instructions Calculate the following variances for March for Deines, Inc. (a) Materials price variance (b) Materials quantity variance