Exercise 24-07 (Video) Splish Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $1.80 per pound) Direct labor (4 hours at $13.00 per hour) $10.80 $52.00 During the month of April, the company manufactures 170 units and incurs the following actual costs. Direct materials purchased and used (1,900 pounds) Direct labor (720 hours) $3,610 $9,288 Compute the total, price, and quantity variances for materials and labor. Total materials variance $ Materials price variance Favorable Neither favorable nor unfavorable Unfavorable Materials quantity variance Total labor variance Labor price variance Labor quantity variance