Tropic Zone Corporation experienced the following variances: materials price $310 U, materials quantity $1,500 F, labor price $700 F, labor quantity $440 F, and total overhead $1,060 U. Sales revenue was $81,000, and cost of goods sold (at standard) was $45,400. Determine the actual gross profit. Actual gross profit Levine 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) Direct labor (1,310 hours) $6,240 $15,458 Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance ___+ Materials quantity variance + Total labor variance + Labor price variance + Labor quantity variance +