Problem 2 Last year Vientiane Inc. budgeted for production and sales of 8,050 units. The company actually produced and sold 8,140 units. Each unit has a standard requiring 0.71 pounds of material at a budgeted cost of $3.60 per pound and 1.35 hours of assembly time at a cost of $12.29 per hour. The items sell for $165 each. Actual costs for the production of 8,140 units included 5,570 pounds of material at $3.62 per pound and $136,470 for labor at $12.36 per hour. REQUIRED Calculate the following (label each result as favorable or unfavorable): A. Material price variance B. Material quantity variance C. Total materials variance D. Labor rate variance E. Labor efficiency variance F. Total labor variance