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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(16pounds&$5perpound)Directlabor(3hours&$14perhour)$8042 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (139,700 pounds $4.80 per pound ) Direct labor (30,200 hours \& $14.10 per hour ) $670,560425,820 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. (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 mat yrials price and quantity varlances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. (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 varlance. Note: Indicate the effect of each varance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places

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