11 Question 12 Mordica Company's standard labor cost per unit of output is $22.00 2.00 hours x $11.00 per hour). During August, the company incurs 2,640 hours of direct laborata hourly cost of $9.90 per hour in making 1,200 units of finished product. Compute the total price, and quantity labor variances (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance $ Favorable Labor price variance 2904 Favorable Labor quantity variance 540 Favorable