Wolf Industries produces a single product. They have prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) $12 $24 During the month of June, the company manufactures 300 units and incurs the following actual costs. Direct materials purchased and used (1,850 pounds) $4,070 Direct labor (620 hours) I $7,130 Instructions Compute the material variances (material price variance and material quantity variance). Place your answer in the box below and clearly identify your Material Price Variance and Material Quantity Variance. Show you work for partial credit.