The company Macondo, Inc. manufactures a product that is used as a raw material for the Covid-19 vaccine called Enzyme A. The company uses a standard cost system and sells each product for $ 8.00. At the beginning of monthly production, Macondo estimated that 9,500 of its enzyme A product would be produced in April. Macondo Inc has established the following material and labor standards to produce its Enzyme A: Standard quantity Standard price Direct Materials 3.5 pounds $ 5 per pound Direct labor .6 hours $ 10 per hour During the month of April, the company had the following activity related to the production of Enzyme A: 1. The company produced 9,000 units during the month. 2. A total of 24,000 pounds of materials were purchased at a cost of $ 66,000. 3. A total of 24,000 pounds of materials were used in production. 4. 5,000 hours of direct labor were incurred during the month at a total wage cost of $ 55,000. Instructions The formulas for the variances must be included in your answers. Calculate the following variances for Macondo, Inc. (a) Material price variance, material quantity variance and net material variances. (b) Labor price variance, labor quantity variance and net labor variances.