Exercise 25-7 your answer is partially correct. Try again. 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 53.30 per pound) $26.40 Direct labor (1 hours at $12.00 per hour) $12.00 During the month of April, the company manufactures 240 units and incurs the following actual costs. Direct materials purchased and used (2,300 pounds) Direct labor (280 hours) $8,050 $3,304 Compute the total, price, and quantity variances for materials and labor. Total materials variance Favorable Materials price variance TUnfavorable Materials quantity variance IT Favorable Total labor variance TUnfavorable Labor price variance Favorable Labor quantity variance Tunfavorable