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. oirect moterials (14 pounds \& $4 per pound) Direct lobor (2 hours 816 per hour) $5632 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (119,900 pounds \$33,80 per pound) Direct 1abor ( 19,960 hours $18.10 per hour) 5455,620320,390 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. Complete this question by entering your onswers in the tabs befow. Required 1 phequired 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Required > 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 offect of each variance by selecting favorable, unfavoeribie, or no variance. Round "Rate. per hour" answers to.2. decimal places.)