Direct materials (16 pounds $4 per pound) $64 Direct labor (4 hours \& \$16 per hour) 64 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (137,000 pounds e $3,80 per pound) Direct labor (37,900 hourn &$16.10 per hour ) 520,600 610,190 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materiais 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. Required 2>