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) $20.00 Direct labor (2 hrs. $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: a. Units produced: 460,000 b. Materials purchased: 3,220,000 pounds @ $5.55. c. Materials used: 2,806,000 pounds. d. Direct labor: 828,000 hours $12.84. Required: 1. Compute price and usage variances for materials. Enter amounts umbers and select favorable or Unfavorable. Unfavorable Material price variance Material usage variance IX 2. Compute the labor rate and labor efficienc Unfavorable Enter amounts as ers and select favorable or Unfavorab Labor rate variance Labor efficiency variance Favorable 1. MPV - (AP - SP) AQ MUV - (AQ" - SQ) SP Check My Work 2 more Check My Worker Previous Next > Emal instructor Save and Exit Submit Assignment for Grading 8 9 0