Select one of these Material variances. Please show the formula and your work. Material Price variance Material usage variance Hint: remember the two variances should add up to the total difference between the actual and standard. EXERCISE 11-10. Calculating Material and Labor Variances [LO 2, 3] Star Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (.80 yards $11.00) $ 8.80 Direct labor (1.2 hours $13.00) $15.60 During May, the company produced 3,500 band hats; 4,000 yards of material were purchased for $42,000, and 3,100 yards of material were used in production. Also during May, 4,350 direct labor hours were worked at a cost of $63,075. Calculate material price and quantity variances and labor rate and efficiency variances. Indicate whether the variances are favorable or unfavorable