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 13,650 lbs. @ $5.30 14,000 lbs. @ $5.10 Direct labor 21,700 hrs. @ $8.40 21,000 hrs. @ $8.70 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. Actual cost: Materials Variances Split cost: Standard cost: $ $ a. Materials price b. Materials efficiency $ Actual cost: Labor Variances $ Split cost: Standard cost: c. Labor rate d. Labor efficieny $