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: 450,000. b. Materials purchased: 3,150,000 pounds @ \$5.15. c. Materials used: 2,790,000 pounds. d. Direct labor: 945,000 hours @ $11.28. 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