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: 350,000. b. Materials purchased: 2,450,000 pounds @ $4.80. c. Materials used: 2,065,000 pounds. d. Direct labor: 630,000 hours @ \$13.56. 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