Directmaterials(16pounds&$3perpound)Directlabor(3hours&$14perhour)$4842 During June the company incurred the following actual costs to produce 8,700 units. Directmaterials(141,600pounds$2.80perpound)Directlabor(29,400hours&$14.20perhour)$396,480417,480 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. Complete this question by entering your answers in the tabs below. (1) Compute the direct materials 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. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable or variance. Round "Rate per hour" answers to 2 decimal places.)