3 5 Lucia Company has set the following standard cost per unit for direct materials and direct labor. points skipped Direct materials (14 pounds $4 per pound) Direct labor (4 hours @ $15 per hour) During May the company incurred the following actual costs to produce 8.500 units. Direct materials (121,200 pounds @ $3.80 per pound) Direct labor (38,900 hours $15.10 per hour) AR = Actual Rate SR EBOOK Print ReferenceS $ 460,560 587,390 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 variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below.