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 (15 pounds $4 per pound) Direct labor ( 3 hours e $16 per hour) $60 48. During May the company incurred the following actual costs to produce 8,300 units. Direct materials (127,300 pounds e $3.80 per pound ) Direct labor (28,700 hourd e $16,10 per hour) $483,740 462,070 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 variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. (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 answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency varlance, (Indicate the effect of each variance by selecting favorable, untavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)