Exercise 23-8 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 $14 per hour Actual materials price $260 per ton Standard labor rate $13.50 per hour Standard materials price $262 per ton Quantities Actual hours incurred and used 4,600 hours Actual quantity of materials purchased and used 1,800 tons Standard hours used 4,640 hours Standard quantity of materials used 1,780 tons (a) Compute the total, price, and quantity variances for materials and labor. Total materials variance $Entry field with incorrect answer Entry field with correct answer Unfavorable Materials price variance $Entry field with incorrect answer Entry field with correct answer Favorable Materials quantity variance $Entry field with incorrect answer Entry field with correct answer Unfavorable Total labor variance $Entry field with incorrect answer Entry field with correct answer Unfavorable Labor price variance $Entry field with incorrect answer Entry field with correct answer Unfavorable Labor quantity variance $Entry field with incorrect answer Entry field with correct answer Favorable