Chap 21 Homework Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. 33 per lb.) Direct labor (3 hrs. $14 per hr.) 20 points During June the company incurred the following actual costs to produce 8,400 units Skipped Direct materiais (128,500 lbs. $2.75 per 10.) Direct labor (28,600 hrs. $14.15 per hr.). $353,375 404.600 Book AH = Actual Hours SH = Standard Hours AR = Actual Rate SR - Standard Rate Referencer AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP - Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Chap 21 Homework AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) 20 points Skipped Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. References Actual Cost Standard Cost $ Required Required 2 >