Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 460,000. Materials purchased: 3,220,000 pounds @ $4.70. Materials used: 2,760,000 pounds. Direct labor: 828,000 hours @ $11.76. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1 Unfavorable Material usage variance $fill in the blank 3 Unfavorable 2. Compute the labor rate and labor