Direct materials ( 15 pounds 8$5 per pound) $75 Direct labor (2 hours $16 per hour) 32 During May the company incurred the following actual costs to produce 8,500 units. Direct materials ( 130,100 pounds @ $4.80 per pound) Direct labor (20,300 hours e $16,10 per hour) 5624,480 326,830 AR=ActualRate 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 efficlency variance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selectinn favnrahla wanfavorable, or no variance,) Lucla Company has set the following standard cost per unit for direct materials and direct lobor, During May the company incurred the following actual costs to produce 8,500 units. Direct nateriats (130,1ea pounds $44,80 per pound) Direct labor (20,300 hours 916,10 per hour ) 5.624,480 326,830 AR=ActualRate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (7) Compute the direct moterials price and quantity variances, (2) Compute the direct labor rate variance and the direct labor efficlency 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 vifiance by sciecting favorable, unfavorable, of no varlance. Round "Rate per hour" answers to 2 decimal places.)