$75 Direct materials (15 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $16 per hr.) 48 During June the company incurred the following actual costs to produce 8,600 units. Direct materials (131, 100 lbs. @ $4.70 per lb.) Direct labor (29,500 hrs. @ $16.15 per hr.). $616,170 476,425 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Actual Cost Standard Cost Actual Cost Standard Cost