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 (9 pounds at $3.70 per pound) Direct labor (5 hours at $11.00 per hour) During the month of April, the company manufactures 340 units and incurs the following actual costs. Direct materials purchased and used (1,500 pounds) Direct labor (1,730 hours) 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 $33.30 $5,850 $18,684