Required 1 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 variance. Round "Rate per hour answers to 2 decimal places.) Actual Cost Standard Cost $ 0 $ 0 $ 0 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 $3 per pound) Direct labor (2 hours $15 per hour) $ 48 30 During June the company incurred the following actual costs to produce 8,400 units. Direct materials (136,500 pounds $2.70 per pound) Direct labor (20,900 hours $15.15 per hour) $368,550 316,635 AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP SP Actual Price Standard Price: (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance