BJECTIVE (4) Exercise 10-15 Materials and Labour Variances CPA 3.2.3;3.6.3 At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 175,000 b. Materials purchased: 930,000 kilograms @ $4.10 c. Materials used: 925,000 kilograms d. Direct labour: 362,500 hours @ $11.15 Required: 1. Compute price and usage variances for materials. 2. Compute the labour rate and labour efficiency variances