Exercise 11-8

The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.

Costs
Actual labor rate		$15	per hour
Actual materials price		$140	per ton
Standard labor rate		$14.50	per hour
Standard materials price		$142	per ton

Quantities
Actual hours incurred and used		3,800 hours
Actual quantity of materials purchased and used		1,500 tons
Standard hours used		3,850 hours
Standard quantity of materials used		1,490 tons

(a) Compute the total, price, and quantity variances for materials and labor.