All the answers are provided just show your work and explain how to get the answers above.This is a multi-part question and all parts must be answered.

Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. $ 56 Direct materials (14 pounds @ $4 per pound) Direct labor (4 hours @ $15 per hour) 60 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (121,900 pounds @ $3.80 per pound) Direct labor (37,500 hours @ $15.10 per hour) $ 463,220 566,250 AR = Actual Rate SR 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. 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 AQ X X SP SQ X SP F F F AP $ 3.80 AQ 121,900 F F 121,900 X X 119,000 X 4.00 F F F $ 463,220 $ 487,600 $ 476,000 F F Price variance Quantity variance Total direct materials variance F $ 24,380 F 24,380 Favorable F 11,600 Unfavorable F $ 12,780 Favorable $ $ 4.00 F $ 11,600 $ 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 AQ AR SR SQ SR F F F AQ 37,500 $ 15.10 $ 15.00 F F F $ 566,250 562,500 $ 510,000 F F $3,750 Unfavorable F 52,500 Unfavorable $ 56,250 Unfavorable 37,500 Rate variance Efficiency variance Total direct labor variance F $ 3,750 $ 52,500 34,000 15.00