Cookie Business Actual Cost of Direct Materials $225,000 Standard Cost of Direct Materials $224,800 Actual Materials Used 30 Standard Materials Used 31 Actual Direct Labor Rate $15.50 Standard Labor Rate $15.00 Actual Hours Worked 45 Standard Hours Worked 40 Favorable/ Amount Unfavorable Calculate Materials Variances: Materials Price Variance Materials Quantity Variance Calculate Labor Variances: Labor Rate Variance Labor Efficiency Variance