Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct lbs. $5.30 4,000 3,900 s. $5.10 material Direct hrs. $8.40 6,000 hrs. 6,200 $8.70 labor Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable Materials Variances Actual cost: Split cost: Standard cost: a. Materials price Materials Variances Actual cost: Split cost: Standarod cost: Materials price Materials efficiency Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate d. Labor efficieny