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. Uniti produced: 370,000 . b. Materials purchased: 2,590,000 pounds (i) $5,90. c. Materials used: 2,331,000 pounds. d. Direct labor: 666,000 hours 9$13.44. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable