Ivanhoe Company purchased (at a cost of $13,920 ) and used 2,900 pounds of materials during May. Ivanhoe's standard cost of materials per unit produced is based on 1 pounds per unit at a cost $5.00 per pound. Production in May was 2,810 units. (a) Compute the total, price, and quantity variances for materials. Total Materials Variance $ Materials Price Variance $ Materials Quantity Variance $