Question 39 of 50 < > View Policies Current Attempt in Progress -18 E The following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August Actual labor rate Costs $14 per hour Actual materials price $120 per ton Standard labor rate $13.50 per hour Standard materials price $121. per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 3,900 hours 2,000 tons 3,950 hours 1,980 tons