Indigo Company provided the following information about its standard costing system for 2022: Standard Data Materials 10 lbs. @ $4 per lbs. Labor 3 hrs. @ $21 per hr Budgeted production 3,710 units Actual Data Produced 4,210 units Materials purchased 52,100 lbs. costing $224,030 Materials used 43,100 lbs. Labor worked 11,550 hrs. costing $231,000 Calculate the labor price variance and the labor quantity variance. Identify whether each variance is favorable or unfavorable. Labor Price Variance $ Labor Quantity Variance $