1 and 2 answered

Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 400,000 b. Materials purchased: 2,060,000 pounds 0 53.95, c. Materials used: 2,100,000 pounds d. Direct laberi 825,000 hours 914.85 . Required: 1. Comoute price and usage variances for materiala. Enter amounks as dosiave numbers and select Favorable or Unfavorable 2. Compute the iabtr rate and labor efficency variances. Inter amounts as positive numbers and seiect faworable or unfavorable. Labor rate variance tabor efficiency variance