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 11.700 lbs. @ 55.30 12.000 lbs. @ 55.10 Direct labor 18,600 hrs. 58.40 18.000 hrs. 58.70 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 5 5 Standard cost: 5 a. Materials price $ b. Materials efficiency 5 Actual cost: Split cost > > Labor Variances Actual cost $ Split cost: $ Standard cost: $ C. Labor rate $ d. Labor efficieny s 1 - Check