Variance Analysis Problem Paradise, Inc. has prepared the following standard cost sheet for one unit of the product. \begin{tabular}{|l|l} \hline Direct materials (2 pounds at $7 per pound) & $14.00 \\ \hline Direct labor (4 hours at $15.00 per hour) & $45.00 \end{tabular} During the month of November, the company manufactures 2,000 units and incurs the following actual costs. \begin{tabular}{|l|l|} \hline Direct materials purchased and used (5,000 pounds) & $30,000 \\ \hline Direct labor (6,000 hours) & $84,000 \end{tabular} 1. Compute the total, price, and quantity variances for materials