Chapter 21 Problems 7 2 points Skipped eBook Hint Exercise 21-12 (Algo) Direct materials and direct labor variances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $3 per pound) Direct labor (3 hours @ $16 per hour) $ 48 48 During June the company Incurred the following actual costs to produce 8,300 units. Direct materials (135,100 pounds @ $2.75 per pound) Direct labor (29,100 hours @ $16.10 per hour) AR = Actual Rate SR Standard Rate AQ = Actual Quantity = SQ - Standard Quantity Print AP = Actual Price References SP = Standard Price (1) Compute the direct materials price and quantity variances. $ 371,525 468,510 (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Saved Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost $ $ 0 0 $ 0 < Required 1 Required 2 >