Concord Company provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials Produced 4,180 units 10 lbs. @ $4 per Ibs. 3 hrs. @ $21 per hr. Labor Materials purchased 51,800 lbs. costing $222,740 Budgeted production 3,680 units Materials used 42,800 lbs. Labor worked 11,520 hrs. costing $230,400 Calculate the labor price variance and the labor quantity variance. Identify whether each variance is favorable or unfavorable. Labor Price Variance $ Labor Quantity Variance $ ta eTextbook and Media