Purvis 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) Direct labor (2 hours at $12 per hour) $12 $24 During the month of April, the company manufactures 300 units and incurs the following actual costs. Direct materials purchased and used (1,850 pounds) Direct labor (620 hours) $4,070 $7,130 Compute the total, price, and quantity variances for materials and labor. ldentify whether the variance is favorable or unfavorable? Materials Labor Total Variance $ Price Variance Quantity Variance $