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 Actual materials price Standard labor rate Standard materials price $12 per hour $250 per ton $11.50 per hour $251 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,000 hours 1,500 tons 4,070 hours 1,475 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