Direct materials (15 pounds e $4 per pound) Direct labor ( 3 hours of $16 per hour) 69 48 During June the company incurred the following actual costs to produce 8,900 units. Direct naterials (136,100 pounds e $3.70 per pound) $503,570 Direct labor (30,800 hours $16.15 per hour) 497,420 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materiais 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. Complete this question by entering your answers in the tabs below. Compute the direct tabor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable variance. Round "Rote per hour" answers to 2 dedmal placen.)