Exercise 23-8 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. sts Actual labor rate Actual materials price Standard labor rate Standard materials price $14 per hour 5267 per ton $13 per hour $269 per ton Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,223 hours 1,576 tons 4,272 hours 1,558 tons Compute the total, price, and quantity variances for materials and labor. Total materials variance. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance