1 3 points Exercise 23-12 (Algo) Direct materials and direct labor variances LO P3 Camilla Company has set the following standard cost per unit for direct materials and direct labor Supped Direct materials (15 pounds @ $3 per pound) Direct labor (2 hours $16 per hour) Book $ 45 32 During June the company incurred the following actual costs to produce 8,200 units Direct materials (125,500 pounds @ $2.75 per pound) Direct labor (19,880 hours $16.15 per hour) AR Actual Rate SR Standard Rate H $ 345,125 319,770 References 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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavora Actual Cost 0 S Standard Cost