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 (7 pounds at $1.60 per pound) Direct labor (1 hours at $10.00 per hour) During the month of April, the company manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) Direct labor (370 hours) Compute the total, price, and quantity variances for materials and labor. $11.20 $10.00 $3,600 $3,663 Total materials variance .2 Favorable Materials price variance Unfavorable Materials quantity variance 2,400 Favorable Total labor variance 16 Labor price variance 1,07 Favorable Labor quantity variance