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: Direct materials Direct labor Standard Quantity Standard Price 2.5 pounds $3 per pound 0.6 hours $10 per hour During March 2016, the following activity was recorded by the company relating to the production of tybos: 1. 2. 3. 4. 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? (a) Materials Price Variance $ (b) Materials Quantity Variance V A (c) Labor Price Variance $ (d) Labor Quantity Variance $