Riggins, Inc. manufactures windshield wipers. The company uses a standard cost system and sells each windshield wiper set for $12. At the start of monthly production, Riggins estimated 7,500 sets would be produced in March. Riggins has established the following material and labor standards to produce one set of windshield wipers: 3. Direct materials Direct labor 2.75 pounds 0.9 hours $2 per pound $12 per hour During March 2017, the following activity was recorded by the company relating to the production of windshield wipers: NOTE: When calculating the standard quantity (SQ) of materials, base it on the number of units produced (8,000) NOT estimated (7,500). 1. The company produced 8,000 units during the month. 2. A total of 26,000 pounds of materials were purchased at a cost of $65,000. 3. A total of 26,000 pounds of materials were used in production. 4. 7,000 hours of labor were incurred during the month at a total wage cost of $66,500 Instructions: Calculate the following variances for March for Riggins, Inc. (a) Total materials variance (b) Materials price variance (c) Materials quantity variance (d) Total labor variance t 2 2