Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the 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 $3 per pound 2.5 pounds Direct labor $10 per hour 0.6 hours During March 2013, the following activity was recorded by the company relating to the production of tybos: The company produced 9,000 units during the month. A total of 24,000 pounds of materials were purchased at a cost of $66,000 A total of 24,000 pounds of materials were used in production 5,000 hours of labor were incurred during the month at a total wage cost of $55,000. Calculate the following variances for March for Riggins, Inc.. Identify whether the variance is favorable or unfavorable? Materials Price Variance Materials Quantity Variance Labor Price variance Labor Quantity Variance