2. The Bronfenbrenner Co. uses a standard cost accounting system for its single product. The following information is available: Standard cost per unit: Materials -1.5 lbs. @ $16 per lb. Labor - 75 hours @ $8 per hour. During the period the actual activity was: Units produced - 22,400 Material used - 33,400 lbs. @ $17 per lb. Labor-16,750 hours @ $7.75 per hour Determine the materials and labor variances. (Label each variance and indicate whether is it's favorable or unfavorable.)