Question 42 of 43 - / 7 Riggins. Inc. manufactures one product called tybos. The company uses a standard cost systemand sells each tybo for $8. At the 7 start of monthly production, Riggins estimated 9,500 tybos would be produced in March. Riggins has established the following material and labor standards to produce one tybo: Standard Quantity Standard Price Direct materials 2.5 pounds $3 per pound Direct labor 0.6 hours $10 per hour During March 2019, the following activity was recorded by the company relating to the production of tybos: 1 The company produced 9,000 units during the month. 2 Atotal of 24,000 pounds of materials were purchased at a cost of $66,000. 3. Atotal of 24,000 pounds of materials were used in production. 4 5,000 hours of labor were incurred during the month at a total wage cost of $55,000. Calculate the following va riances for March for Riggins, Inc. Identify whether the variance is favorable or unfavorable? (a) Materials Price Variance .. 55 i! , 7 7 7 ,, A\": Favorable (b) Materials Quantity Variance $ \"0\" APP"ab'e Unfavorable - 1____ (c) Labor Price Variance $ v (d) Labor Quantity Variance v ,..--_ l0\