In December, Arthur Hopkins, president of Grinch Inc., received the following information from William Sour, the new controller, in regard to November production of travel bags: November production Actual cost of material purchased and used Standard material allowed Material quantity variance Standard price per square yard of material Actual hours worked Standard labor time per bag Labor rate variance Standard labor rate per hour 4,800 bags $15,550 0.5 square yard per bag $655 U $6 9,777 hours 2 hours $1,464 F $17 Hopkins asked Sour to provide the following information: 5A. Material Price Variance (MPV) 5B. Labor Efficiency Variance (LEV)