2.00 points Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures $30 Direct materials (10 lbs. $3 per lb.) Direct labor (4 hrs. $6 per hr.) During June the company incurred the following actual costs to produce 9.000 units. $271,400 Direct materials (92,000 lbs. a $2.95 per lb.) 227,480 Direct labor (37,600 hrs. $6.05 per hr.). (1) Compute the direct materials price and quantity variances. Actual Cost Standard Cost