Riggins Inc. manufactures one product called tybs. The Company uses a standard cost system and sells each tybo for $8. Riggins has establishes the following material and labor standards to produce one tybo: Direct Materials Direct Labor Standard Quantity 2.5 pounds 0.6 hours Standard Price $3 per pound 10 per pound During March, the following actual 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 5,000 hours of labor were incurred during the month at a total wage cost of $55,000. Instructions: 1. Complete the table below by filling in each amount (SP, SR. SQ. etc) Materials Labor: SH = AR- AH- AP- 2. Calculate the following variances for Riggins: Materials price variance Materials Quantity Variance Total Material Variance .Calculate the following Variance for Riggins Labor Price Variance Labor Quantity Variance Total Labor Vairance