Computing Materials and Labor Variances In March, assume that General Mills Inc. purchased milk to use in the production of Yoplait yogurt. During March, General Mills manufactured 4,500 containers of yogurt for commercial use. The following information is available about standard and actual quantities and costs. There were no beginning or ending materials invent Standard for One Unit Direct material 16.8 pounds @ $1.1 per pound Direct labor 0.8 hour @ $16 per DLH REQUIRED Actual Usage for March 80,400 pounds @ $1.0 per pound 5,120 DLHS @ $16.50 per DLH a. Compute the material price variance and the material quantity variance. Note: Enter your answers as positive numbers. Materials price variance $ 8,040 F = Materials quantity variance $ (5,940) * U * b. Compute the labor rate, labor efficiency, and total labor variance. Note: Enter your answers as positive numbers. Labor rate variance $ Labor efficiency variance $ Total labor variance $ 2,560 U 24,320 U 26,880 U =