Joe's Company produces a single product and has prepared this standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound)$12Direct labor (2 hours at $12 per hour)$24 During the month of April, the company manufactures 300 units and incurs the following actual costs. Direct materials purchased and used (1,850 pounds)$4,070Direct labor (620 hours)$7,130 (a) Compute the total, price, and quantity variances for materials. (b) Compute the total, price, and quantity variances for labor.

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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.