The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Actual labor rate Costs $13 per hour Actual materials price $110 per ton Standard labor rate $12.50 per hour Standard materials price $111 per ton Quantities Actual hours incurred and used 4,500 hours Actual quantity of materials purchased and used 1,600 tons Standard hours used 4,580 hours Standard quantity of materials used 1,575 tons