ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) Seacoast Company provided the following information about its standard costing system for 2019: Standard Data Actual Data Materials 10 lbs. @ $4 per Ibs. Produced 4.000 units Labor 3 hrs. @ $21 per hr. Materials purchased 50.000 Ibs. for $215,000 Budgeted production 3.500 units Materials used 41.000 Ibs. Labor worked 11,000 hrs. costing $220,000 Instructions Calculate the labor price variance and the labor quantity variance. I. Calculate the price and usage variance for materials 2. Provide some practical reasons for a fav and unfav. Price and Quantity variances for both Material and Labour variances