Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantiky variances. Note: Indicate the effoct of each variance by solecting favorable, unfavorable, or no variance. Lucia Company has set the following standard cost per unit for direct materials and direct labor, Direct naterials (14 pounds o $3 per pound) $42 Direct labor ( 3 haurs $16 per hour) 48 During May the company incurred the following actual costs to produce 8,400 units Direct naterials (12e,683 pounds o $2,80 per pound \}) \$ 337,63 e Direct labor (29,5ae hours e $16.10 per hour) 474,950 AR= Actual Rate S9= Standard Rate AQ=ActualQuemitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (1) Compute the direct materiaks price and quantity variences (2) Compute the drect labor rate varience and the direct labor efficiency variance. 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. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. Fote: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places