A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) $ 12 per unit Actual direct materials used (AQ) 330,000 pounds Actual units produced 64,000 units Actual cost of direct materials used $ 924,000 AQ = Actual Quantity SQ - Standard Quantity AP Actual Price SP - Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost A company reports the following information for its direct labor. Actual hours of direct labor used (AH) 71,000 Actual rate of direct labor per hour (AR) $ 15 Standard rate of direct labor per hour (SR) $ 13 Standard hours of direct labor for units produced (SH) 72,200 AH = Actual Hours SH - Standard Hours AR - Actual Rate SR - Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable 17:49 Actual Cost Standard Cost