Exercise 15-8 The following direct materials and direct labor data pertain to the operations of Concord Company for the month of August Costs $14 per hour Actual labor rate Actual materials price Standard labor rate Standard materials price $270 per ton $13.50 per hour $274 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 1,200 tons 4,980 hours 1,180 tons Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance s Total labor variance Labor price variance Labor quantity variance Click if you would like to Show Work for this