Part B: KV Company produces a single product. The standard costs for one unit of product are as follows: Direct Material: 6oz @ $0.50 per ounce Direct Labor: 0.6 hrs at $35.00 per hour During April 2,000 units were produced. The actual costs associated with April's operations were as follows: Materials purchased and used in production: 14,000 oz. at total cost of $7,840 Direct labor: 1,060 hours at total cost of $31,800. Required: Compute price (rate) variance, quantity (efficiency) variance, and total variance for Direct Materials and Direct Labor. (10pts)