Direct materials (15 pounds @ \$5 per pound) $75 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (127,600 pounds @ $4.80 per pound) $612,480 Direct labor (29,000 hours @ $15.10 per hour) 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 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