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: 400,000 . b. Moterials purchased: 2,060,000 pounds e $3.95. c. Materials used: 2,100tpoo pounds. d. Direct labor: 825,000 hours is $14,85. Requiredi 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select favorable or Unfavorable. Material price variance