Direct materials (16 lbs. @ $4 per 1b.) Direct labor (2 hrs. $15 per hr.) 564 30 During June the company incurred the following actual costs to produce 8,800 units. Direct materials (143,890 lbs. 2 $3.75 per 1b.) Direct labor (22,890 hes. @ $15.20 per hr.). $536,250 334,400 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 favorab 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. Required Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost 0 0 Chec Direct materials (16 lbs. $4 per lb.) Direct labor (2 hrs. @ $15 per hr.) $64 38 During June the company incurred the following actual costs to produce 8,800 units. Direct materials (143,000 lbs. @ $3.75 per 16.) Direct labor (22,000 hrs. @$15.28 per hr.). 5536,250 334,400 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 favo unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance selecting for favorable, unfavorable, and no variance.) 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 un Actual Cost Standard Cost S 5 0