Exercise 11-8 a Partially correct answer. Your answer is partially correct. Try again. The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $12 per hour Actual materials price $100 per ton Standard labor rate $11.50 per hour Standard materials price $101 per ton Quantities Actual hours incurred and used 3,500 hours Actual quantity of materials purchased and used 1,000 tons Standard hours used 3,540 hours Standard quantity of materials used 990 tons (a) Compute the total, price, and quantity variances for materials and labor. Total materials variance $Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Materials price variance $Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Materials quantity variance $Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Total labor variance $Entry field with incorrect answer now contains modified data Entry field with correct answer Labor price variance $Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Labor quantity variance $Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Click if you would like to Show Work for this question: Open Show Work