Exercise 11-8 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 $250 per ton standard labor rate $11.50 per hour standard materials price $251 per ton quantities actual hours incurred and used 4,000 hours actual quantity of materials purchased and used 1,500 tons standard hours used 4,070 hours standard quantity of materials used 1,475 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 $