Exercise 11-8 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $14 per hour Actual materials price $280 per ton Standard labor rate $13.50 per hour Standard materials price $283 per ton Quantities Actual hours incurred and used 4,900 hours Actual quantity of materials purchased and used 1,900 tons Standard hours used 4,950 hours Standard quantity of materials used 1,885 tons (a) Compute the total, price, and quantity variances for materials and labor.