Exercise 21-12 (Algo) Direct materials and direct labor variances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor Direct materials (16 pounds @ $3 per pound) Direct labor (3 hours @ $15 per hour)) $.48 45 During June the company incurred the following actual costs to produce 8,600 units. Direct materials (139,800 pounds $2.70 per pound) Direct Labor (30,300 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. $377,460 457,538 (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost AQ X AP O AQ X 139.800 O X $ 2.70 139,000 X SPO $ 3.00 377 460 419,400 Price variance Quantity variance Total direct materials variance 41,940 000 $41,940 $ 0 Favorable 0 Unfavorable Favorable Required 1 000 Required 2 > Standard Cost SQ X SPO $ 3.00 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost AQ O SR $ $ 0 0 $ 0 Standard Cost