Levine 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 Direct labor (3 hours at $12 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) $5,035 Direct labor (700 hours) $8, 120 Instructions Compute the total, price, and quantity variances for materials and labor. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells (a) Total Materials Variance: AQ X AP minus SQ X SP) 1,900 X $2.65 minus 1,840 X $2.50 II $5,035.00 minus $4,600 $435.00 Unfavorable Materials price variance: AQ X AP minus AQ X SP 1,900 X $2.65 minus 1,900 X $2.50 $5,035 minus $4,750 $285.00 Unfavorable Materials quantity variance: AQ X SP minus SQ X SP 1.900 X $2.50 minus 1.840 X $2.50 $4,750 minus $4,600 $150.00 Unfavorable (b) Total Labor Variance: AH X AR minus SH X SR 700 X $11.60 minus 690 X $12.00 $8,120 minus $8,280 $160.00 Favorable Labor Price variance: AH X AR minus AH X SR 700 X $11.60 minus 700 X $12.00 II $8,120 minus $8,400 $280.00 Favorable Labor quantity variance: AH X SR minus SH X SR 700 X $12.00 minus 690 X $12.00 II $8,400 minus $8,280 $120.00 Unfavorable