Exercise 23-7 Nona Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at $1.80 per pound) Direct labor (2 hours at $13.00 per hour) $12.60 $26.00 During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (1,500 pounds) Direct labor (380 hours) $3,120 $4,887 Compute the total, price, and quantity variances for materials and labor. Total materials variance h Materials price variance Materials quantity variance h Total labor variance Labor price variance Labor quantity variance