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 $16 per hour $160 per ton $15.50 per hour $163 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 5,000 hours 1,700 tons 5,040 hours 1,675 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 Click if you would like to Show Work for this question: Open Show Work