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 14,700 lbs. @ $4.90 14,000 lbs. @ $5.20 Direct labor 19,950 hrs. @ $9.30 21,000 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. Materials Variances Actual cost: $ Split cost: $ Standard cost: $ a. Materials price $ 0 b. Materials efficiency $ 0 0 0 0 Labor Variances Actual cost: $ 0 Split cost: $ 0 Standard cost: $ 0 c. Labor rate $ 0 d. Labor efficieny $ 0