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 3hrs @ $21 per hr. Materials purchased 51.300 lbs.costing $220.590 Budgeted production 3,630 units Materials used 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 $ eTextbook and Media Save for Later Attempts:0 of 1 used Submit