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. $4 per pound) Direct materials (14 pounds Direct labor (3 hours @$15 per hour) $ 56 45 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (116,200 pounds @$3.80 per pound) Direct labor (28,600 hours $15.10 per hour) AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price = (1) Compute the direct materials price and quantity variances. $ 441,560 431,860 (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, Actual Cost Required 1 Required 2 > Standard Cost Actual Cost Standard Cost