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 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 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. Actual cost: Materials Variances $ Split cost: Standard cost: a. Materials price b. Materials efficiency $ Labor Variances Actual cost: $ Split cost: $ Standard cost: $ c. Labor rate $ d. Labor efficieny $