The total overhead variance is the difference between actual overhead costs and budgeted overhead costs. True O False Blue Spruce Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product $12 Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) $24 During the month of April, the company manufactures 540 units and incurs the following actual costs. $7.766 Direct materials purchased and used (3,530 pounds) Direct labor (1.100 hours) $12,650 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Materials Labor Total Variance $7.766 Direct materials purchased and used (3,530 pounds) Direct labor (1.100 hours) $12,650 Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Materials Labor Total Variance $ > $ Price Variance $ v $