(1) Compute the direct materiais price and quantity variances: (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this queition by entering your answers in the tabs below. Lucis Company has set the following standard cost per unit for direct materials and direct labor, During May the company iccurred the following octual costs to produce 8,800 units. Direet materiala (14),700 pouede o 54,60 per pound) i 689,760 AR= Actual Rate SQ= Standard Rate AO= Actual Quantity 50 - Standord Quantity AP= Actual Price SP = Standard Price (1) Compute the direct materials price and quantiy variances (2) Compute the direct labor rete variarice and the diect labor efficiency variance. Complete this question br eaterins your answers in the tabe below