Exercise 2 Lewis Company's standard labor cost of producing one unit of Product DD is 4 direct labor hours at the rate of $12.00 per direct labor hour. During August: 40.600 direct labor hours are incurred at a cost of $12.15 per hour to produce 10.000 finished units of Product DD. Instructions (a) Compute the direct labor price and quantity variances. (6) Repeat (a), assuming the direct labor standards are 4.1 direct labor hours at $12.25 per hour. Variance Computations: (a) Direct Labor: AQ AP AQ SP SQ SP Amount of Variance Name of Variance Unf or Fav? (6) Direct Labor: AQ AP AQ SP SQ SP Amount of Variance Name of Variance Unf or Fav