Direct materials ( 124,000 pounds @ $3.80 per pound) $471,200 Direct labor (38,500 hours @ $15.10 per hour) 581,350 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. Direct materials (14 pounds @ \$4 per pound) Direct labor (4 hours @ \$15 per hour) $56 60 During May the company incurred the following actual costs to produce 8,600 units. Direct materials (124,000 pounds @ $3.80 per pound) Direct labor (38,500 hours @ $15.10 per hour) AR = Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price $471,200 581,350 (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. 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.)