05:47 ..105GEO mybusinesscourse.com - Private Business Course Marked out of Question 2 Incomplete answer 1.00 P Flag question Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct lbs. material 19,500 @ $5.30 20,000 @ $5.10 Direct hrs. hrs. labor 31,000 @ $8.40 30,000 $8.70 Support Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: a. Materials price b. Materials efficiency $ 0 Labor Variances Actual cost: $ Split cost: $ 0 Standard cost: $ c. Labor rate $ d. Labor efficieny $ Please answer all parts of the