Current Attempt in Progress Flint Manufacturing, which produces a single product, has 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 April, the company manufactures 500 units and incurs the following actual costs. Direct materials purchased and used (3.250 pounds) Direct labor (1,010 hours) $7,150 $11.615 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Total Variance Materials 1.150 Unfavorable Price Variance $ 650 Unfavorable $ Quantity Variance $ 250 Unfavorable $ Labor