Monsoon Company manufactures a single product with the following standard labour costs for one unit: Direct labour: 0.5 hour at $6.50 $3.25 During the month of April, 5,000 units were produced with the following labour cost data relating to the month's production: Direct labour: 3,000 hours at $6.25 per hr. $18,750 Instructions a) Compute the labour price and quantity variances for the month b) Prepare the appropriate journal entries