Direct materials (15 pounds @ \$5 per pound) \$ 75 Direct labor ( 3 hours@ $14 per hour) During May the company incurred the following actual costs to produce 8,300 units. Direct materials (127,100 pounds @ \$4.80 per pound) Direct labor (28,900 hours @ $14.10 per hour) $610,080 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 varlances. (2) Compute the direct labor rate varlance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. \begin{tabular}{|l|l|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Actual Cost } \\ \hline & & & & & \\ \hline \end{tabular}