View Policies Current Attempt in Progress 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 $14 per hour $280 per ton $13.50 per hour $283 perton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 1,900 tons 4.950 hours 1.885 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 e Textbook and Media