2. Ian Lewis Company had $15 material standard price per unit and $8 Labor Standard Rate per hour. Ian Lewis Company bought 20,000 units of materials for $400,000. The standard number of units of material to produce one product is 3 units and the standard hours required for a product is 4 hours. The company had 2,000 units of materials in ending inventory after producing 5,000 units of products. The company paid $7.50 per hour and used 19,000 hours to complete the job. Required: Prepare (a) Material Price Variance (b) Material Quantity Variance (c) Material Cost Variance (d) Labor Rate Variance (d) Labor Time Variance and (e) Labor Cost Variance. ALT F10 DGLALT EN E10 (Macl