Exercise 21-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds 83 per pound) Direct labor ( 3 hours 0816 per hour) During May the company incurred the following actual costs to produce 8,000 units. Direct materials (115,600 pounds @$2.80 per pound) Direct labor (28,900 hours 8$16.10 per hour ) AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. (1) Compute the direct materials price and quantity vatiances. (2) Compute the diect labor rate variance and the direct labor efficiency varance. Complete this question by entering your answers in the tabs below. Compute the direct matenals price and quantity vatiances. (indicate the elfiect of each variance by selecting tavorable. unfivirable, of no varianise) (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate varlance and tho direct labor officiency variance. Complete this question by entering your answers in the tabs bclow. Compute the direct labor rate variance and the direct labor efficiency vaniance. (Indicate the effect of cach vartance by selectirg faverable, unfavorable, or no. Varianoe. Round "Rate per hour" answers to 2 decimal places.)