28. Materials and labor variances. The Cakebread Candy Company presents the following data for October:

Standards per Batch Actual Total

Materials 1 Pound at $2.50 per Pound 49,000 Pounds

Labor 1.5 Hours at $3.00 per Hour 70,000 Hours

Batches Produced 48,000 Batches

During the month, the firm purchased 49,000 pounds of materials of materials for $127,500. Wages earned were $214,000. Compute the labor and material variances.