1 View previous attempt Check my work Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 6 points Direct materials (15 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $15 per hr.) $75 45 During June the company incurred the following actual costs to produce 8,800 units. Hint Print Direct materials (134,400 lbs. @ $4.80 per lb.) Direct labor (29,800 hrs. @ $15.15 per hr.). $645,120 451,470 References Mc Graw Hill AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate AQ Actual Quantity Standard Quantity SQ AP SP Actual Price Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for