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: 380,000 . b. Materials purchased: 2,660,000 pounds @ $5.50. c. Materials used: 2,356,000 pounds. d. Direct labor: 722,000 hours @ $12.60. Required: 1. Compute price and usage variances for materiais. Enter amounts as positive numbers and select Favorable or Unfavorable. 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable Labor rate variance Labor efficiency variance 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: 380,000 . b. Materials purchased: 2,660,000 pounds @ $5.50. c. Materials used: 2,356,000 pounds. d. Direct labor: 722,000 hours @ $12.60. Required: 1. Compute price and usage variances for materiais. Enter amounts as positive numbers and select Favorable or Unfavorable. 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable Labor rate variance Labor efficiency variance