Remaining Time: 2 hours, 07 minutes, 58 seconds. v Question Completion Status: QUES TION 3 Mom Tom Manufacturing hired your fim to prepare the following standard cost for one unit of a product you are thinking about $14 $30 efiminating from your product line Direct materials(7 pounds at $2 per pound) Direct labor (2.5 hours at $12 per hour) During the month of February, the company manufactures 250 units and incurs the following actual costs Direct materials purchased and used (1,950 pounds) Direct labor (640 hours) $5,070 $7,840 Instructions Compute the total price, and quantity variances for materials and labor Save All Answers 5