Exercise $23-11($Algo$)$ Direct materials and direct labor variances LO P$3$

Lucia Company has set the following standard cost per unit for direct materials and direct labor.

During May the company incurred the following actual costs to produce $8,500$ units.

Direct materials $(131,400$ pounds @ $$3\mathrm{.}80$ per pound$)$ $ $499,320$

Direct labor $(38,100$ hours @ $$14\mathrm{.}10$ per hour$)537,210$

$AR=$ Actual Rate

$SR=$ Standard Rate

$AQ=$ Actual Quantity

$SQ=$ Standard Quantity

$AP=$ Actual Price

$SP=$ Standard Price

$AH=$ Actual Hours

$SH=$ Standard Hours

$(1)$ Compute the direct materials price and quantity variances.

$(2)$ Compute the direct labor rate variance and the direct labor efficiency variance.