Use the following information to answer the following three Questions. The following actual and standard cost data for direct material and direct labor related to the production of 100 units of product: Actual Costs Standard Costs Direct Material 1,500 lb $2.00 2,000 lb. @$3.00 Direct Labor 1,000 hrs. @$15.00 1,400 hrs. $20.00 Determine the materials price variance O 3,000 F 1,500F 1500U O 3,000 U Determine the labor efficiency variance 3,000 F O 3,000 U 8,000 U O 8,000 F If the direct labor rate variance is $500 Favorable and the direct labor efficiency variance is $300 Unfavorable, then which of the following is a true statement? actual material prices were less than expected direct labor flexible budget variance is $200 favorable actual labor hours were less than expected actual total wages paid were $500 more than expected