Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) For the current period, Juan Company's standard cost of direct materials is $160,000. The direct materials variances consist of a $14,000 favorable price variance and a $2,800 favorable quantity variance. What is the actual cost of direct materials? A company reports the following information for its direct labor. AH=ActualHoursSH=StandardHoursAR=ActualRateSR=StandardRate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable