uestion #5: Hercules, Inc. reported the following information concerning the company's Standard costing system for 2018: Standard Data Actual Data Materials Labor Budgeted fixed overhead Budgeted variable overhead Budgeted production 10 lbs. @ $4 per lbs. 3 hrs. @ $21 per hr. $100,000 $30 per unit 5,000 units Produced Materials purchased Materials used Labor worked Actual overhead 6,000 units 75,000 lbs. for $315,000 61,500 lbs 16,500 hrs. costing $330,000 $355,000 Instructions Calculate the labor price variance and the labor quantity variance