Pronghorn Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound) $12 Direct labor (2 hours at $ 12 per hour) $24 During the month of April, the company manufactures 430 units and incurs the following actual costs. Direct materials purchased and used (2,760 pounds) $6,072 Direct labor (890 hours) $9,790 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Materials Labor Total Variance $ Price Variance S Quantity $ Variance eTextbook and Media