1 of 1 AC 112 Assignment #8 Variance Analysis The following information relates to the Hughs Co. Standards for Production Per Unit: Materials: 1lbs. Price per Pound: $3.00 Labor Hours: 1.5 hours. Hourly Rate: $8 In the month of May the company produced 10,000 units. The following information represents the actual cost of production for May: Materials: 11,000 lbs. Materials Cost Per Pound: $2.50 Hours Worked: 14,000 Hourly Rate: $10 Required: 1. Calculate the materials variances. 2. Calculate the labor variances