Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its piastic products: The actual results for the year are as follows: a. Units produced: 450,06 . b. Materiats purchased: 3,150,000 pounds $4.50. c. Materials used: 2,745,000 pounds: d. Direct labor: 945,000 hours $12.60. Required: 1. Compute price and usage variances for materials. Enter amounts as positwe numbers and select Favorable or Unfavorable. Material price variance Material usage variance Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its piastic products: The actual results for the year are as follows: a. Units produced: 450,06 . b. Materiats purchased: 3,150,000 pounds $4.50. c. Materials used: 2,745,000 pounds: d. Direct labor: 945,000 hours $12.60. Required: 1. Compute price and usage variances for materials. Enter amounts as positwe numbers and select Favorable or Unfavorable. Material price variance Material usage variance