E10-2B. Materials and Labor Variances The following actual and standard cost data for direct materials and direct labor relate to Jones Company's production of 2,000 units of a product: LO3, 4 HOMEWO MBC X X Actual Costs Standard Costs Direct materials, Direct labor. 4,200 lb. @ $4.90 5,800 hr. @ $9.30 4,000 lb. @ $5.10 6,000 hr. @ $9.50 (. Determine the following variances: Materials price C. Labor rate b. Materials efficiency d. Labor efficiency