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Pronghorn Company provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs.

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Pronghorn Company provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,130 units Labor 3 hrs. @ $21 per hr. Materials purchased Budgeted production 3,630 units Materials used 51,300 lbs. costing $220,590 42,300 lbs. Labor worked 11,380 hrs. costing $227,600 Calculate the labor price variance and the labor quantity variance. Identify whether each variance is favorable or unfavorable. Labor Price Variance $ Labor Quantity Variance $

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