Pina Colada, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Pina Colada estimated 9,620 tybos would be produced in March. Pina Colada has established the following material and labor standards to produce one tybo: Direct materials Direct labor Standard Quantity 2.5 pounds 0.6 hours Standard Price $3 per pound $10 per hour During March 2022, the following activity was recorded by the company relating to the production of tybos: 1. 2. The company produced 9,390 units during the month. A total of 24,320 pounds of materials were purchased at a cost of $66,880. A total of 24,320 pounds of materials were used in production. 5,310 hours of labor were incurred during the month at a total wage cost of $58,410. 3. 4. Calculate the following variances for March for Pina Colada, Inc. Identify whether each variance is favorable or unfavorable. (a) Materials Price Variance $