The following actual and standard cost data for direct m aterial and direct labor related to the production of 100 units of product: 23 Ipeints Calculate materials price variances and Inficatn whether it is faworable or unfavorable. Here is how to calculate Direct materials variances and Direct labor variances. 24 points Calculate materials efficiency variance and indicate whether it is fovorable or unfarvorable The following actual and standard cost data for direct material and direct abof related to the production of 100 units of product DirectMaterlalDirectLaborActualCosts1,500lb,$2.001,000hrs,$15.00StandardCosts2,000lb,&$3.001,400hrs.@$20.00 24 3points Calculate materials efficiency virlince and indieate whether is is favorable or unfavorable Here is how to calculate Direct materials variances and Direct labor variances. (I) 25 3points Calculate labor rate variance and indicate whether it is favorabie or unfavorable 26 3peints Calculate labor efficiency variance and indicate whether it is tavorable or undavorable