What is the labor rate variance?

Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 430,000 . b. Materials purchased: 3,010,000 pounds @ $5.80. c. Materials used: 2,580,000 pounds. d. Direct labor: 817,000 hours @ \$11.76. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $ Material usage variance q 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $ Labor efficiency variance