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Chede my Exercise 8-12 (Algo) Direct materials and direct labor variances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor Direct materials (16 pounds 69 per pound) Direct labor 14 hours 514 per hour 56 During June the company incurred the following actual costs to produce 8,700 units. Direct materials (141,700 pounds $2.75 per pound) $ 389,675 Direct labor (39,300 hours $14.20 per hour) 558,060 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 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. (Indicate the effect of each vanance by selecting favorable, unfavorable, or no varsance) Actual Cost Standard Cost Pro 5 . Nort Che 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 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 materiols price and quantity variances (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance) Actual Cost Standard Cost Required Required 2 > Check my work AN ACI Hate 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 rote variance and the direct labor efficiency varianco. Complete this question by entering your answers in the tabs below. Required Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places.) Actual Cost Standard Cost