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 material 8,400 lbs.e $4.90 8,000 lbs. $5.20 Direct labor 1,400 hrs. @ s9.30 12,000 hrs.$9.50 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 Standard cost: a. Materials price b.Materials efficiency Labor Variances Actual cost: Split cost: Standard cost . Labor rate d. Labor efficieny S Check