43 of 50 > View Policies Current Attempt in Progress Pronghorn Company provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,130 units Labor 3 hrs. @ $21 per hr. Materials purchased 51,300 lbs. costing $220,590 Budgeted production 3,630 units Materials used 42,300 lbs. Labor worked 11,380 hrs. costing $227,600 Calculate the labor price variance and the labor quantity variance. Identify whether each variance is favorable or unfavorable. Labor Price Variance $ Labor Quantity Variance $