Monty 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) During the month of April, the company manufactures 400 units and incurs the following actual costs. Direct materials purchased and used (2,550 pounds) Direct labor (810 hours) Total Variance Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Price Variance $12 1 $24 Quantity Variance $ $ $5,610 $9,315 Materials + + + $ LA $ $ Labor [11

Monty Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. During the month of April, the company manufactures 400 units and incurs the following actual costs. Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable