Direct materialn (14 pounds e $5 per pound) Direct labor (3 hours $16 per hour) $70 48 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (115,700 pounds &$.80 per pound ) Direct labor (28,600 hours +$16.10 per hour ) $555,360 AR= Actual Rate SR= Standard Rate AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=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. Direct materials (115,700 pounds $4.80 per pound) 5555,360 Direct labor (28,600 hours $16,10 per bour) 460,460 AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=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. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorabile, or no variance, Round "Rate per hour" answers to 2 decimal places.)