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Lucia Company has set the following standard cost per unit for direct materials and direct...

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Accounting

Lucia Company has set the following standard cost per unit for direct materials and direct labor.

Direct materials (14 pounds @ $5 per pound) $ 70
Direct labor (3 hours @ $14 per hour) 42

During May the company incurred the following actual costs to produce 8,800 units.

Direct materials (127,100 pounds @ $4.80 per pound) $ 610,080
Direct labor (30,700 hours @ $14.10 per hour) 432,870

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.

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