Exercise 25-7 Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $1.50 per pound Direct labor (5 hours at $13.00 per hour) 15.00 $65.00 During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $4,250 $11,904 Direct labor (930 hours) Compute the total, price, and quantity variances for materials and labor