Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one Direct materials (5 lbs. $4.00) Direct labor (2 hrs. $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: 400,000 b. Materials purchased: 2,060,000 pounds c. Materials used: 2,100,000 pounds. d. Direct labor: 825,000 hours $14.85. $3.95 Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers Material price variance Material usage variance 103,000 Favorable Unfavorable 2. Compute the laber rate and labor eneny varances Enter amounts as postive num Labor rate variance s-1,940,400 Favorable Labor efficiency variance 70,000Unfavorable