QUESTION 1 Partially correct 257 ponts out of 300 FRagquestion 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 14,700 lbse$4.90 14000 Ibs. $5.20 Direct labor 19,950 hrs.@$9.30 21,000 hrs.$9.50 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: 72.030 s 770x Split cost Standard cost a. Materials price b. Materials efficiency 72.800 3.640 U Labor Variances 85.535 13.965 x Actual cost Split cost Standard cost 199.500 C Labor rate 3.990 d. Labor efficieny 9975 F Check