S2017; AC.. Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. $5.30 8,000 lbs. a $5.10 Direct labor 12,400 hrs. $8.40 12,000 hrs. O $8.70 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: Split cost: Standard cost: a. Materials price b. Materials efficiency