birect noterials (15 pounds e ss per pound) oarece tabor (3 hours efis \$16 per hour) 575 During May the company incurred the following actual costs to produce 9,000 units olrect naterials (155,200 pounds o 54.20 per pound) birect labor (35,40e hours o $16.10 per hour) AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAPiActualPriceSP=StandardPrice (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials ( 15 pounds 8 \& $5 per pound) Direct labor ( 3 hours e 516 per hour) 5548 During May the company incurred the following actual costs to produce 9,000 units Directmaterials(138,200poundse-$4.80perpound}Directlabor{30,400hoursB516.10perhaur)$663,360489,440 AR=ActualRate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfiacrable, or no 'variance. Round "Rate per hour" answers to 2 decimal places.)