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Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 23,400 lbs. @ $5.30 24,000 lbs. @ $5.10 Direct labor 37,200 hrs. @ $8.40 36,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $ Split cost: $ Standard cost: $ a. Materials price $ b. Materials efficiency $ Labor Variances Actual cost: $ Split cost: $ Standard cost: $ c. Labor rate $ d. Labor efficieny $ A