Sheridan Corporation accumulates the following data elative to jobs started and finished during the month of Jur 2025. Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $500,000. Selling and administrative expenses were $41,400. Assume that the amount of raw materials purchased equaled the amount used. (a) Your answer is correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, es: 52.75 and final answers to 0 decimal places, e.g. 52.) (1) Total materials variance Materials price variance Materials quantitvvariance GB520 Unit4 Case _paf $ $ $ Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, 52.75 and final answers to 0 decimal places, e.g. 52.) (1) Total materials variance Materials price variance Materials quantity variance (2) Total labor variance Labor price variance Labor quantity variance Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g 52.75 and final answers to 0 decimal places, e.g. 52.)