Directmaterials(14poundso$4perpound)Directlabor(3hours&$14perhour)$5642 During June the company incurred the following actual costs to produce 8,500 units. Direct materials (121,900 pounds e $3.70 per pound) Direct labor (28,500 hours $14.20 per hour ) $451,030404,700 AR=ActualRateSR=StandardRate AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (1) Compute the direct materials price and quantity variarices. (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 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Reyuired 2 ? Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per bour" answers to 2 decimal places