Exercise $8-11($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 $8,100$ units.Direct materials $(124,300$ pounds @ $$2\mathrm{.}80$ per pound$)$$$348,040$Direct labor $(36,300$ hours @ $$16\mathrm{.}10$ per hour$)$

$584,430$

$AR=$ Actual Rate

$SR=$ Standard Rate

$AQ=$ Actual $Q$ uantity

$SQ=$ Standard $Q$ uantity

$AP=$ 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.

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

Required $1$

Required $2$

Compute the direct materials price and quantity variances.

Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.