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 16,800 lbs. @ $4.90 16,000 lbs. @ $5.20 Direct labor 22,800 hrs. @ $9.30 24,000 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: $ Split cost: $ Standard cost: $ a. Materials price $ b. Materials efficiency $ A Labor Variances $ Actual cost: Split cost: Standard cost: $ $ c. Labor rate $ - d. Labor efficieny $