Exercise 23-8 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 $220 per ton Standard labor rate $13.50 per hour Standard materials price $222 per ton Quantities Actual hours incurred and used 4,100 hours Actual quantity of materials purchased and used 1,600 tons Standard hours used 4,180 hours Standard quantity of materials used 1,580 tons (a) 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 $