Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 470,000 . b. Materials purchased: 3,290,000 pounds @ \$4.95. c. Materials used: 2,961,000 pounds. d. Direct labor: 987,000 hours @ \$12.12. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $ Material usage variance $ 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $ Labor efficiency variance $