The Bach Company provides the following standard and actual costs relating to material price and labor usage. Item to Classify Standard Actual Material Price 8.50per gallon 8.35per gallon Labor Usage 30,000hours 28,500per hour Based on the above information, which statement is correct? The materials price variance is unfavorable. The labor usage variance is unfavorable. Both the material price variance and the labor usage variar je are unfavorable. Both the materials price variance and the labor usage variance are favorable