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 6,300 lbs @ $4.90 6,000 lbs. $5.20 Direct labor 8,550 hrs. @ $9.30 9.000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers, Next to each variance answer, select either "P" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: 5 0 Split cost $ 0 Standard cost: $ 0 a. Materials price $ 0 b. Materials efficiency 0 . Labor Variances Actual cost: $ Split cost 5 Standard cost Labor rate $ d. Labor efficieny o o o o