Exercise 23-8 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of Augus Actual labor rate Actual materials price Standard labor rate Standard materials price Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used $15 per hcnur $220 per ton $14.50 per hcwr $224 per ton 3,500 hours 1,500 tons 3,550 hours 1,480 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