Materials and Labour Variances N At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: Direct materials (5 kg @ $4.00) Direct labour (2 hrs. @ $11.25) Standard prime cost per unit The actual results for the year are as follows: a. Units produced: 175,000. b. Materials purchased: 930,000 kilograms @ $4.10 c. Materials used: 925,000 kilograms. d. Direct labour: 362,500 hours @ $11.15. Required: 1. Compute price and usage variances for materials, Lol Material price variance Favourable Material usage variance Unfavourable 2. Compute the labour rate and labour efficiency variances. Labour rate variance Favourable Labour efficiency variance Unfavourable