Materiais and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: e. Units produced: 500,000 b. Materlals purchascd: 3,500,000 pounds $4.65. c. Materials used: 2,950,000 pounds. d. Direct Labort 950,000 hours of $12.48