Exercise 21-12 (Algo) Direct materials and direct labor variances LO P3 Camiaa Company has set the following standard cost per unit for direct matenats and direct labor Oirect materials (15 pounds $4 per Dound) Direct labor ( 3 hours 8 \$16 per hour) 56048 During June the company incurred the following actual costs to produce 8,800 units. Direct eateria1s (134,700 pounds e53.75 per pound ) olrect labor (30, osa hours e s16.15 per hour) 405,125454,500 AR=ACtuat Rate SR= Standard Rate AQ=Actual Quantity SQ= Standard Quantity AP= Actual Pice SP= Standard Price (1) Compute the direct materiais price and quantify variances (2) Compute the direct labor rate variance and the direct labor efficiency varance. Complete this question by entering vour answers in the tabs below. AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPnceSP=StandardPnce (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency varlance. 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 effect of each variance by selecting favorable. yariance, Round "Rate per hour" answers to 2 decimal placesi)