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Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each varlance by selecting favorable, unf Direct materials (15 pounds 8$4 per pound) Direct labor ( 3 hours 8$15 per hour) 560 During May the company incurred the following actual costs to produce 8.600 units. Direct materlals (132,400 pounds 853.80 per pound) Direct labor (29,360 hours e $15.10 per hour) $503,120 442,430 AR = Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP = Actual Price SP= Standard Price (1) Compute the direct materials price and quantify variances: (2) Compute the direct labor rate variance and the cirect labor efficiency variance Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Incicate the offect of each variance by anfecting favotable, untavorable, or variance: Round "Rate per hour" answers to 2 decimal places.)