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 15,600 lbs. @ $5.3 16,000 lbs. @ $5.1 Direct labor 24,800 hrs. @ $8.4 24,000 hrs. @ $8.7 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 $ $ $ $ Labor Variances Actual cost: $ Split cost: $ Standard cost: $ c. Labor rate d. Labor efficieny $ $