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Direct naterials (14 pounds 0 \$5 per pound) Direct labor (2 hours $15 per hour)...

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Accounting

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Direct naterials (14 pounds 0 \$5 per pound) Direct labor (2 hours $15 per hour) $70 30 During May the company incurred the following actual costs to produce 8,800 units. Direct nateriats (125,900 pounds e $4,80 per pound) Direct labor (22,400 hours $15.10 per hour) 504,320 338,240 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SO = 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. 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.)

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