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