NAME Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and for $8. At the start of monthly production, Riggins estimated 9,500 tybos would be produced in has established the following material and labor standards to produce one tybo: 3. Standard QuantityStandara Pr $3 per pound $10 per hour Direct materials 2.5 pounds 0.6 hours Direct labor During March 2016, the following activity was recorded by the company relating to the produc 1. The company produced 9,000 units during the month 2. A total of 24,000 pounds of materials were purchased at a cost of $66,000. 3. A total of 24,000 pounds of materials were used in production. 4. 5,000 hours of labor were incurred during the month at a total wage cost of $55,000 Instructions Calculate the following variances for March for Riggins, Inc. Indicate (F) favorable or (U) unt (a) Materials price variance (b) Materials quantity variance (c) Labor price variance (d) Labor quantity variance NAME 5. Purvis Manufacturing, which produces a single product, has prepared the following standard cost she unit of the product. Direct materials (6 pounds at $2 per pound) $12 Direct labor (2 hours at $12 per hour) $24 costs During the month of April, the company manufactures 300 units and incurs the following actual $4,070 Direct materials purchased and used (1,850 pounds) Direct labor (620 hours) $7,130 Instructions Compute the total, price, and quantity variances for materials and labor. Indicate (F) favorable or (U unfavorable. (a) Total Materials Variance (b) Materials price variance (c) Materials quantity variance (d) Total Labor Variance (e) Labor price variance (f) Labor quantity variance