17 Exercise 21-12 Direct materials and direct labor variances LO P2 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures 10 points Direct materials (15 best per 1b. Direct labor the. 115.00 per hr.) DO:24 During June the company incurred the following actual costs to produce 8.200 units Direct material (126,000 2.75 per 10 Det shor 20.000 h. 515.15 per hr. 9346,500 315.120 AQ - Actual Quantity SO Standard Quantity AP = Actual Price SP - Standard Price AH-Actual Hours SH. Standard Hours AR-Actual Rate SR Standard Rate (1) Compute the direct materiais price and quantity variances 12) Compute the direct laborate variance and the direct labor efficiency variance. Indicate whether each variance in favorable ar unfavorable Complete this question by entering your answers in the tabs below. Compute the direct materia price and quality variances and destitas favorable or unfavorable 17 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. 10 points Required 1 Required 2 Ot:07:44 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable Actual Cost Standard Cost Required 2 ) (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cont