Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $2.20 per pound) Direct labor (4 hours at $10.00 per hour) $22.00 $40.00 During the month of April, the company manufactures 260 units and incurs the following actual costs. Direct materials purchased and used (1,900 pounds) Direct labor (1,080 hours) $4,370 $10,584 Compute the total, price, and quantity variances for materials and labor. Total materials variance $ Materials price variance $ Materials quantity variance $ tA Total labor variance $ Labor price variance $ Labor quantity variance $ 3170 Favorable < < >