Problem One: Yellowstone, Inc. has prepared the following standard cost sheet for one unit of the product. Direct materials (5 pounds at $4.50 per pound) Direct labor (2.5 hours at $10.00 per hour) $22.50 $25.00 During the month of November, the company manufactures 1,500 units and incurs the following actual costs. Direct materials purchased and used (8,000 pounds) Direct labor (3,000 hours) $32,000 $27,000 Instructions: Compute the total, price, and quantity variances for materials and labor. (AQ AP) (SQ SP) Total Favorable or Unfavorable Direct Material Variances Total Direct Material Variance (AQ X AP) (AQ * SP) Total Favorable or Unfavorable Direct Material Price Variance (AQ SP) (SQ * SP) Total Favorable or Unfavorable Direct Material Quantity Variance Direct Labor Variances (AH XAR) (SH X SR) Total Favorable or Unfavorable Total Direct Labor Variance (AHAR) (AH SR) Total Favorable or Unfavorable Direct Labor Price (Rate) Variance (AH SR) (SHX SR) Total Favorable or Unfavorable Direct Labor Quantity Variance