During May the company incurred the following actual costs to produce 8,500 units. Directmaterials(131,100pounds@$4.80perpound)Directlabor(20,200hours$15.10perhour)$629,280305,020 AR= Actual Rate SR= Standard Rate AQ=ActualQuantity 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, unfav Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favor: variance. Round "Rate per hour" answers to 2 decimal places.)