The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs
Actual labor rate $15 per hour
Actual materials price $220 per ton
Standard labor rate $14.50 per hour
Standard materials price $224 per ton
Quantities
Actual hours incurred and used 3,500 hours
Actual quantity of materials purchased and used 1,500 tons
Standard hours used 3,550 hours
Standard quantity of materials used 1,480 tons
Compute the total, price, and quantity variances for materials and labor.