Lumberman Manufacturing provided the following information about its standard costing system for 2016: Standard Data Actual Data 10 lbs. $4 per lbs. Produced 3 hrs.@ $21 per hr. Materials purchased 3,500 units 4,000 units 50,000 lbs. for $215,000 41,000 lbs. 11,000 hrs. costing $220,000 Labor Budgeted production Materials used Labor worked Determine the amount of the materials price variance. Identify whether the variance Favorable or Unfavorable? Materials Price Variance Multiple Choice Question 132 Waterway has a standard of 2 hours of labor per unit, at $12 per hour. In producing 3800 units, Waterway used 7250 hours of labor at a total cost of $88450 Waterway's labor price variance is $2750 F $4270F O $1450 U. O$2300 u. Brief Exercise 191 (Part Level Submission) Seven Manufacturing Corporation uses both standards and budgets. The company estimates that production for the year will be 100,000 units of Product Fast. To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor. Compute the estimates for a standard cost Materials s per unit Labor per unit