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 $13 per hour $290 per ton $12.50 per hour $292 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours u Standard quantity of materials used 4,200 hours 1,000 tons 4,290 hours 990 tons sed Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance Total labor variance Unfavorable Neither favorable nor unfavorable Favorable Labor price variance Labor quantity variance