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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 $16 per hour Actual materials price $190 per ton Standard labor rate $15.50 per hour Standard materials price $192 per ton Quantities Actual hours incurred and used 4,000 hours Actual quantity of materials purchased and used 1,400 tons Standard hours used 4,070 hours Standard quantity of materials used 1,390 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 $ Click if you would like to Show Work for this question: Qpen Show Work