Dunng May the company incurred the following actual costs to produce 8,400 unts Directmaterials(138,200pounds0$2.80perpound)Directlahor(28,400hourse$15.10perhour)$386,960428,840 AR= Actual Rate SR=5 tandard Rate AQ= Actual Quantity SQ= Standard Quarntity AP= Actual Price SP= Standerd Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. AR= Actual Rate SR - Standard Rate AQ=Actual Quantity SQ= Siondard Guantity AP= Actual Price SP=Standard Price (1) Compute the direct materinls price and quantity variances. (2) Compute the direct tabor fate variance and the direct labor efficiency variance Complete this question by entering your answers in the tabs below. SR- Standatd Rote 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 lobor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct fabor rate variance and the direct labor efficiency variance. (thdicate the effect of each variance by selecting favorable, unfirvorable, cr ito varance. found "Rate per hour" answers to 2 decimal places.)