E11.7 (LO 2. 3), AP Levine Inc., which produces a single product, has prepared the following...

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E11.7 (LO 2. 3), AP 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 $2.50 per pound) Direct labor (3 hours at $12.00 per hour) During the month of April, the company manufactures 230 units and incurs the following actual costs. $20 $36 Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $5,035 $8,120 Instructions Compute the total, price, and quantity variances for materials and labor. Compute the materials and labor variances and list reasons for unfavorable variances. E11.7 (LO 2. 3), AP 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 $2.50 per pound) Direct labor (3 hours at $12.00 per hour) During the month of April, the company manufactures 230 units and incurs the following actual costs. $20 $36 Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $5,035 $8,120 Instructions Compute the total, price, and quantity variances for materials and labor. Compute the materials and labor variances and list reasons for unfavorable variances.