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

Lucla Company has set the following standard cost per unit for direct materlals and direct labor.

Direct materials $(15$ pounds & $$4$ per pound$)$

$$60$

Direct labor $(3$ hours @ $$15$ per hour$)$

$45$

During May the company incurred the following actual costs to produce $9,000$ units.

Direct materials pounds $0$$$3\mathrm{.}75$ per pound$)$

$$517,500$

Direct labor $(31,000$ hours @ $$15\mathrm{.}10$ per hour$)$

$468,100$

$AR=$ 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 materlals price and quantity variances.

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

Complete this question by entering your answers in the tabs below.

Required $2$