Sheffield Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. During the month of April, the company manufactures 270 units and incurs the following actual costs. Compute the total, price, and quantity variances for materials and labor. Compute the total, price, and quantity variances for materials and labor. \begin{tabular}{|c|c|c|c|} \hline Total materials variance & $ & Favorable & v \\ \hline Materials price variance & $ & Unfavorable & v \\ \hline Materials quantity variance & $ & Favorable & v \\ \hline Total labor variance & $ & Unfavorable & v \\ \hline Labor price variance & $ & Favorable & v \\ \hline Labor quantity variance & $ & Unfavorable & \\ \hline \end{tabular}
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