Exercise 25-7 Injin Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) $20.00 Direct labor (3 hours at $12.00 per hour) $36.00 During the month of April, the company manufactures 230 units and incurs the following actual costs. Direct materials purchased and used (1,900 pounds) $4,940 Direct labor (700 hours) $8,120 Compute the total, price, and quantity variances for materials and labor. Total materials variance $ Materials price variance $ MateriaIs quantity variance $ u Total labor variance $ u Labor price variance $ Labor quantity variance $