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

Sheffield Company provided the following information about its standard costing system for 2022 Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,160 units Labor 3 hrs. @ $21 per hr. Materials purchased 51,600 lbs. costing $221,880 Budgeted production 3.660 units Materials used 42,600 lbs Labor worked 11,500 hrs. costing $230,000 Calculate the labor price variance and the labor quantity variance. Identify whether each variance is favorable or unfavorable. Labor Price Variance Labor Quantity Variance

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