Sheffield Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.40 per pound) Direct labor (5 hours at $12.00 per hour) $19.20 $60.00 During the month of April, the company manufactures 260 units and incurs the following actual costs. Direct materials purchased and used (2,400 pounds) $6,240 Direct labor (1,310 hours) $15,458 Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance $ +A +A $ Materials quantity variance $ Total labor variance EA Labor price variance Labor quantity variance +A $ +A > > > >