1. Your Company produces Widgets. During the year 210,000 widgets were produced. Materials and labor standards for producing the widgets are as follows: Direct materials (2 pieces of wood @ $2.75 each) Direct labor (1.5 hours@$10.10 per hour) You purchased and used 430,000 pieces of wood at $2.10 each and its actual labor hours were 310,000 hours at a wage rate of $10.50. 9. (15 points) Refer to problem 8. What are the labor variances? Using the columnar approach table and include favorable or unfavorable with your numeric answers in the appropriate cll h described in the textbook fillin the table below for the various labor variances. Label each cell in the