Directmaterials(16pounds&$5perpound)$80Directlabor(4hours@$16perhour)64 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (138,300 pounds \& $4.80 per pound) Direct labor ( 37,300 hours \& $16.10 per hour) AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price 663,840 600,530 (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 materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance