Martinez Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) $12 $24 During the month of April, the company manufactures 390 units and incurs the following actual costs. Direct materials purchased and used (2.480 pounds) $5,456 Direct labor (800 hours) $9.200 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable.