Gilly construction trades in an old tractor for a new tractor, receiving a $20,500 trade-in allowance and paying the remaining $61,500 in cash. the old tractor had cost $107,000 and had accumulated depreciation of $58,125. answer the following questions assuming the exchange has commercial substance.

Levine inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. direct materials (9 pounds at $1.80 per pound) $16.20 direct labor (6 hours at $14.00 per hour) $84.00 during the month of april, the company manufactures 270 units and incurs the following actual costs. direct materials purchased and used (2,500 pounds) $5,000 direct labor (1,660 hours) $22,908 compute the total, price, and quantity variances for materials and labor.