Question 7 of 20 -/5 View Policies Current Attempt in Progress Martinez 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 390 units and incurs the following actual costs. $5,456 Direct materials purchased and used (2,480 pounds) Direct labor (800 hours) $9,200 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 $