ces Exercise 21-12 (Algo) Direct materials and direct labor variances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) Direct labor (2 hours $16 per hour) $ 64 32 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (146,100 pounds $3.70 per pound) Direct labor (22,300 hours $16.15 per hour) 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. $ 540,570 360,145 (2) Compute the direct labor rate variance and the direct labor efficiency variance.