Mas and the varios At the beginning of the Year Craig Company had the following standard cost shoot for one of its plastic products Durost materials ( 5.00) $20.00 Orect laborah $15.00) 2.0 Standard pene cost per unit $50.00 The actual refor the year are as follows Units produced480,000 b. Materials purchased: 3,360,000 pounds $8.50 c. Materials used: 2,680,000 pounds. d. Orect labor: 1.056,000 hours $10. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select favorable or Unfavorable Material price variance Material usage variance 2. Compute the labor rate and labor efficiency variann Enter amounts as positive numbers and scravorable or Unfavorable Laborate variance Labor ciciency variance