Exercise 8-14A (Algo) Calculating and explaining labor price and usage variances LO 8-6 Russell and Sons, a CPA firm, established the following standard labor cost data for completing what the firm referred to as a Class 2 tax retum. Russell expected each Class 2 return to require 43 hours of labor at a cost of $48 per hour. The firm actually completed 670 returns. Actual labor hours averaged 3 8 hours per return and actual labor cost amounted to $58 per hour. Required a. Determine the total tabor vortance and indicate whether it is favorable (1) or unfavorable (U). b. Determine the labor price vartance and indicate whether it is favorable) or unfavorable (U). c. Determine the labor usage variance and indicate whether it is favorable (P) or unfavorable (U). (For all requirements, do not round Intermediate calculations and select "None" If there is no effect al.e, zero variance)) 10 Ferences Total laborance b. Tota labor price varianos Total Inbox usage variance