Exercise 10-33 Materials and Labor Variances At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: Direct materials (6 lbs.@ S5) Direct labor (2 hrs.@ S12) Standard prime cost per unit $30.00 24.00 $54.00 The actual results for the year are as follows a. Units produced: 350,000. b. Materials purchased: 1,860,000 pounds @ $5.10. c. Materials used: 1,850,000 pounds. d. Direct labor: 725,000 hours@ $11.85. Required: 1. Compute price and usage variances for materials. 2. Compute the labor rate and labor efficiency variances