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Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products Direct materials (5 lbs. $4.00) $20.00 Direct labor (2 hrs. O $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: a. Units produced: 350,000. b. Materials purchased: 2,450,000 pounds @ $5.25 c. Materials used: 2,170,000 pounds. d. Direct labor: 770,000 hours $13.08, Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance 2,170,000 x Unfavorable Material usage variance 1,820,000 x Unfavorable 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable Labor rate variance Favorable Labor efficiency variance Unfavorable