This information is used for the first four questions where you will caleolate naterials and labor variances. Shelley Company bought 3,000 pounds of materials for $3,750. They used 2,800 pounds to produce 1,450 units of output. Direct labor costo totaled $10,000 for 500 hours of work. Standards have been set as follows: Direct Material: pounds 51.10 per pound Direct Labor .5 hours 532 per hour The materiale price variances 5420 navorable 5610 favorable 450 favorable 5450 favorable 20 taverne