DurIng May the company Incurred the following actual costs to produce 8,300 units. Direct materials (136,200 pounds @ $4.80 per pound) Direct labor ( 29,380 hours @ $15.10 per hour) $653,760 442,430 AR= Actual Rate SR= Standard Rate AQ=Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materlals price and quantity varlances. (2) Compute the direct labor rate varlance and the direct labor efficlency varlance. Complete this question by entering your answers in the tabs below. 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 no variance. Round "Rate per hour" answers to 2 decimal places.)