Exercise 11-7 Cinrich uses a standard costing system. For production of a fuel cell, standards call for 4 model RN-3 valves per cell costing $2,310 each. During 201 $574,600. The cempany used 272 valves in the production of 66 fuel celis (8 valves were ruined through installation error), Calcuate material price and quantity vaniances for the model RN-3 vaives. (Enter all varlances as a number Haterial Price Variance Material Quantity Variance Exercise 11-8 shees is 0.40 hours at $13.00 per hour. During the month of June, 25,820 pairs were produced. Actual labor costs were e month of June. (Round actual wage rate to 2 decimal places, n.g. 15.25 and final anewers The standard labor cost in the production of a pair of Handley Brand $109,980 for 8,460 hours Compute rate and labor efficiency the labor decimal places, e-g. 125. Enter all variances as a positive number.) Labor Rate Variance Labor Efficiency Variance