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

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Riverbed Company provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,140 units Labor 3 hrs. @ $21 per hr. Materials purchased 51,400 lbs. costing $221,020 Budgeted production 3,640 units Materials used 42,400 lbs. Labor worked 11,420 hrs. costing $228,400 Calculate the labor price variance and the labor quantity variance. Identify.r whether each variance is favorable or unfavorable. Labor Price Variance 55 l I V l Labor Quantity Variance $ l I V l

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