8. Given the following information, compute the materials price variance and the materials quantity variance. For each variance, state whether it is favorable or unfavorable. (See the exam study guide for formulas.) Show your calculations. Standard quantity per unit of output = 5 pounds Standard price per pound = $1.00 Total actual cost of materials purchased = $2,310 Actual quantity of materials purchased 2,200 pounds Actual quantity of materials used 2,100 pounds Actual output 410 units 9. Given the following information, compute the labor rate variance and the labor efficiency variance. For each variance, state whether it is favorable or unfavorable. (See the exam study guide for formulas.) Show your calculations. Standard labor hours per unit Standard labor rate 5 hours $10 per hour Actual hours worked Actual total labor cost Actual output. 10,500 $102,375 2,200 units