5 Exercise 8-14A (Algo) Calculating and explaining labor price and usage variances LO 8-6 5 Russell and Sons, a CPA firm, established the following standard tabor cost data for completing what the firm referred to as a Class 2 tax return Russell expected each Class 2 return to require 28 hours of laborat a cost of $35 per hour The firm actually completed 610 returns. Actual labor hours averaged 25 hours per return and actual labor cost amounted to $41 per hour Required a. Determine the total labor variance and indicate whether it is favorable (F) or unfavorable (U) b. Determine the labor price variance and indicate whether it is favorable (F) or unfavorable) c. Determine the labor usage variance and indicate whether it is favorable For unfavorable (U For all requirements, do not round intermediate calculations and select "None there is no effect de zero variance)) Total to variance Total price variance