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Exercise 24-07 (Video) Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $20 Direct

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Exercise 24-07 (Video) Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $20 Direct materials (8 pounds at $2.50 per pound) Direct labor (3 hours at $12.00 per hour) $36 During the month of April, the company manufactures 230 units and incurs the following actual costs. Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $5,035 $8,120 Compute the total, price, and quantity variances for materials and labor. Total materials variance ___ + Materials price variance Materials quantity variance Total labor variance Labor price variance + Labor quantity variance +

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