Chapter 8 question 4Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (16 lbs. @ $4 per lb) $64Direct labor (3 hrs. @ $15 per hr) $45During June the company incurred the following actual costs to produce 8,500 units Direct materials (138,300 lbs @ $3.70 per lb) $511,710Direct labor (29,800 hrs. @ $15.10 per hr) 449,980There's another fill in the blank chart asking for the direct labor rate variance and the direct labor efficiency variance and if they are favorable or not

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. ook Actual Cost Standard Cost Int int 0 0 $ O O