Exercise 11-8 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actuaf labor rate Actual materials price Standard labor rate Standard materials prioe $13 per hour $120 per ton $12.50 per hour $124 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 2,000 tons 4,960 hours 1,990 tons Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance s LINK TO TEXT LNKTO TEXT