Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.10 Actual quantity purchased and used in production 90 Standard quantity for units produced 120 Actual labor rate per hour $14 Standard labor rate per hour $15 190 220 Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance Favorable Favorable Favorable Favorable B. What are some possible causes for this combination of favorable and unfavorable variances? We paid less for our raw material, and assembly took fewer hours than expected. Feedback Check My Work