Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ LA LA $ $27.00 $72.00 tA LA $4,760 $22,892 Favorable Unfavorable Favorable Favorable Favorable Unfavorable