Direct naterials (16 pounds a $4 per pound) oirect labor (2 hours \& $14 per hour) 56428 During May the company incurred the following actual costs to produce 8,600 units Direct naterials (141,500 pounds o 33.60 per pound) Direct labor (21,600 hours ef $14,16 per hour) 537,700 364,560 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. (2) Compute the direct labor rate variance and the direct labor efficiency variance- Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Required 2 ? Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or n variance. Round "Rate per hour" answers to 2 dedimal places.)