Problem 1 (18 points) Purvis Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. $12 Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) $24 During the month of April, the company manufactures 300 units and incurs the following actual costs $4,070 $7,130 Direct materials purchased and used (1,850 pounds) Direct labor (620 hours) Instructions Compute the total, price, and quantity variances for materials and labor