Materials and Lobor Variances At the beginning of the year, Craig Company had the following standard cost sheet for ane of its plastic products: The actual results for the year are as follows: a. Units produced: 490,000 b. Materials purchased: 3,430,000 pounds 254.70. 5. Materials used: 2,891,000 pounds. d. Directiabor: 931,000 hours 19$12.96, Requiredt: 1. Compute pnce and usage variances for materials. Enter amounts as positive numbers and select. Favorable or: Unfavorable. 2. Compute the labir rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. 1. MPX=(AP5P)AQMUV=(AQ5Q)5F 2. AY=(AU5E)=ARHY=(AHSH)2M and columnar Apbroaches? examplis in the tert