5 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $5 per pound) Direct labor (4 hours @ $16 per hour) $ 70 64 3 points During May the company incurred the following actual costs to produce 8,000 units. 04:36:17 Direct materials (115,600 pounds @ $4.80 per pound) Direct labor (35,400 hours @ $16.10 per hour) $ 554,880 569,940 Skipped AR = Actual Rate SR = Standard Rate eBook AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Hint (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost $ 0 $ 0 $ 0 0 Required 1 Required 2 > 5 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $5 per pound) Direct labor (4 hours @ $16 per hour) $ 70 64 3 points During May the company incurred the following actual costs to produce 8,000 units. 04:36:12 Direct materials (115,600 pounds @ $4.80 per pound) Direct labor (35,400 hours @ $16.10 per hour) $ 554,880 569,940 Skipped AR = Actual Rate SR = Standard Rate eBook AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 001 Hint (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Standard Cost $ 0 $ 0 $ 0 0