Lab Corp has the following materials and labour standards established for a particular product Standard quantity per unit of output Standard price Standard labour hours per unit of output Standard labour rate 8.3 grams $19.15 per gram 1.7 hours $14.05 per hour The following data pertain to operations concerning the product for the last month Actual output Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual hours worked Actual total labour cost 700 units 7,500 grams $141,375 6,100 grams 1,0401 $15,340 Required Prepare the material variances. Show calculations and label variances (name of variance and favourable or unfavourable). (6 Marks)