Exercise 21-11 (Algo) Direct materlais 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 e ss per pound) $75 Direct labor ( 3 hours e 515 per hour) buring May the company incurred the following actual costs to produce 8,900 units. Direct materials (136,300 pounds e $4,80 per pound) \$ 654,240 Direct labor (30,600 hours e $15.10 per hour) 462,060 AR = Actual Rate SR= Standard Rate AO = Actual Quantity SO = Standard Quantity AP = Actual Price SP = Standard Price (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 labar rate variance and the direct labor efliciency variance. Complete this quas toe by antaring your answare in the tabs tralow. Compute the direct labor rete variance and the direct labor effelency variance. (Indicate the effoct of each variance by selecting favorabl variance. Round "Rate per hour' answers to 2 decimal places.) (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this quastion by entering your answars in the tabs below. Compute the diroct materals price and quantity variances. (Indicate the effect of each varionce by selecting favorable, unfavorable, or no