S Practice Exercise 01 Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (9 pounds at $1.80 per pound) $16.20 Direct labor (6 hours at $14.00 per hour) $84.00 During the month of April, the company manufactures 270 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) Direct labor (1,660 hours) $22,908 Compute the total, price, and quantity variances for materials and labor. LY. $5,000 Total materials variance $ Materials price variance $ Materials quantity variance $ Total labor variance $ Labor price variance $ Labor quantity variance $