Pials and labor variances A B C D E F G H E24.7 Compute materials and labor variances 3 Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product K 5 6 7 8 Direct materials (8 pounds at $2.50 per pound) Direct labor (3 hours at $12 per hour) $20 $36 9 During the month of April, the company manufactures 230 units and incurs the following 10 actual costs. 11 12 13 Direct materials purchased and used (1,900 pounds $ Direct labor (700 hours) 5,035 8,120 14 Instructions 15 Compute the total, price, and quantity variances for materials and labor. 16 17 NOTE: Enter a formula, a cell reference, or a value (if you are unable to 18 reference a cell), into the yellow shaded input cells. 19 20 21 23 24 25 26 27 28 29 30 31 32 33 37 BB 2222222222 a. Total materials variance AQ AP SQ SP Materials price variance AQ AP AQ SP 36 Materials quantity variance AQ SP SQ SP Materials price variance AQ AP AQ SP SP Materials quantity variance AQ SP b. Total labor variance AH SQ SP AR SH SR Labor price variance AH AR AH SR Labor quantity variance AH SR SH SR