Seacost Company provided the following information about its standard costing system for 2016: Standard Data Actual Data Materials 10 lbs. @$4 per lbs. Produced 4,000 units Labor 3 hrs. $21 per hr. Materials purchased 50,000 lbs. for $215,000 Budget production 3, 500 units Materials produced 41,000 lbs. Labor worked 11,000 hrs. costing $220,000 Instructions Calculate the labor price variance and the labor quantity variance