12)

Exercise 21-11 (Algo) Direct materials and direct labor variances LO P3 Lucla Company has set the following standard cost per unit for direct materials and direct labor: Directmaterials(14poundse$5perpound)DirectLabor(3hours9$14perhour)$7042 During May the company incurred the following actual costs to produce 8,100 units. Directmaterials(116,500pounds8$4.80perpound)Directlabor.(28,000hours8$14.10perhour)$559,200394,860 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 varlances: (2) Compute the direct labor rate varlance and the direct labor efficlency variance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances, (Indicate the effect of each variance byisel AQ= Actual Quantity SQ= StandardQuantty AP=ActualPrice SP = Standard Price (1) Compute the direct materlals price and quantity vanances. (2) Compute the direct labor rate varlance and the direct labor efficlency varlance. Complete this question by entering your answers in the tabs below. dompute the direct materials price and quantity variances. (Indicate tha effect of each variance by selecting favoiable, unfavorabi 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 varlance and the direct labor efficlency variance. Complete this question by entering your answers in the tabs below. Compute the diract labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by: selectin variance. Round Rate Der hour" answers to 2 decimal places.)