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 Budgeted production 3,500 units Materials used 41,000 lbs. Labor worded Calculate the price, quantity and total variances for labor and materials. 11,000 hrs. costing $220,000 Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable. Materials Variances Materials Price Variance Favorable/Unfavorable Total Materials Variance Materials Quantity Variance Favorable/Unfavorable Labor Variances Labor Price Variance Favorable/Unfavorable Total Labor Variance Favorable/Unfavorable Labor Quantity Variance Favorable/Unfavorable Favorable/Unfavorable