The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.
Costs:
Actual labor rate $12 per hour
Actual materials price $190 per ton
Standard labor rate $11.50 per hour
Standard materials price $193 per ton
Quantities:
Actual hours incurred and used 4,100 hours
Actual quantity of materials purchased and used 1,500 tons
Standard hours used 4,140 hours
Standard quantity of materials used 1,490 tons
Required:
(a) Compute the total, price, and quantity variances for materials and labor.