Grouper Company provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,070 units 50,700 lbs. costing $218,010 Labor 3 hrs. @ $21 per hr Budgeted production 3,570 units Materials purchased Materials used Labor worked 41,700 lbs 11,140 hrs. costing $222,800 Calculate the labor price variance and the labor quantity variance. Identify whether each variance is favorable or unfavorable. Labor Price Variance $ Labor Quantity Variance $ Attempts:0 of 1 used Submit Answer Save for later