Exercise 23-8 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Aciual lao rai: Actual materials price Standard labor rate Standard materials price $14 per hour $270 per ton $13.50 per hour $274 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 1,200 tons 4,980 hours 1,180 tons