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) Direct labor (2 hrs. 9 $15.00) Standard prime cost per unit The actual results for the year are as follows: $20.00 30.00 $50.00 a. Units produced: 390,000. b. Materials purchased: 2,730,000 pounds @ $5.25 c. Materials used: 2,418,000 pounds. d. Direct labor: 819,000 hours @ $14.04 ) Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfav Material price variance Material usage variance 2. Comput Labor rate variance Labor efficlency varlance e the labor rate and labor efficiency variances. Ent er amounts as positive numbers and select Favorable or Unfavorable