Question: Direct materials (15 pounds @$5 per pound) $75 Direct labor (2 hours @ $15 per hour 30 During May the company incurred the following actual

Direct materials (15 pounds @$5 per pound) $75 Direct labor (2

Direct materials (15 pounds @$5 per pound) $75 Direct labor (2 hours @ $15 per hour 30 During May the company incurred the following actual costs to produce 8,500 units. Directmaterials(129,600pounds@$4.80perpound)Directlabor(20,900hours@$15.10perhour);622,080315,590 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

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