Exercise 8-11 (Static) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (15 pnds 3) Direct labor (1 hours $35 per During May the company incurred the following actual costs to produce 9,000 units irect materials (38,000 $3.75 per pound) Direct labor (1,115.10 All-Actual Rate 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 efficiency variance Complete this question by entering your answers in the tabs below. Required Compute the direct materials price and quantity variances (dicate the effect of each salance by ingevorate, unfaveable, or no valance) Achol Cast AQ 13.000 AP AQ . 37 130.000 " 4.00 552.000 54508 Standa Cost SP A