Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR = Actual Rate SR Standard Rate AQ Actual Quantity SQ = Standard Quantity AP SP Actual Price Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. 17,100 pounds at $4.60 per pound 17,735 hours at $30 per hour 32,200 0.50 pound at $4.55 per pound 0.50 hour at $31 per hour Complete this question by entering your answers in the tabs below. 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