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: 410,000 . b. Materials purchased: 2,870,000 pounds (i) $4.50. c. Materials used: 2,460,000 pounds. d. Direct labor: 902,000 hours o $12.60. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable