Direct materials (14 lbs. @ $4 per lb.) Direct labor (3 hrs. @ $16 per hr.) $56 48 During June the company incurred the following actual costs to produce 8,000 units. Direct materials (115,000 lbs. @ $3.75 per lb.) Direct labor (28,500 hrs. @ $16.20 per hr.). $431,250 461,700 AH = Actual Hours SH = Standard Hours 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. (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.) Answer is not complete. Complete this question by entering your answers in the tabs below. (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.) Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost AQ AP AQ SP SQ X SP $ 4.00 115,000 X $ 3.75 115,000 $ 4.00 112,000 $ $ 460,000 X X $ 448,000 431,250 $ 28,750 $12,000 Direct materials price variance Direct materials quantity variance Total direct materials variance OOO $ 28,750 12,000 Favorable Unfavorable Favorable Required 1 Required 2 > (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.) Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 0