Chapter 10 HW eEiook 1_ EX.1U.45.ALGO Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of ltS plastic products: 2. EX. 1 0.50.ALGO Direct materials (5 lbs. @ $4.00) $20.00 3. EX.10.52.ALGO Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: a. Units produced: 440,000. b. Materials purchased: 3,080,000 pounds @ $5.20. c. Materials used: 2,596,000 pounds. d. Direct labor: 968,000 hours @ $13.80. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material prlce variance ll: V Material usage variance $l:] v 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $[:] V Labor efficiency variance $:] V Progress: 2,3 items heck My Work 10 more Check My Work uses remaining ( PreVIoLIS Next )