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. ok Direct materials (14 pounds @ $4 per pound) $ 56 Direct labor (2 hours @ $14 per hour) 28 During June the company incurred the following actual costs to produce 8,700 units. Direct materials (123,900 pounds @ $3.70 per pound) $ 458, 430 Direct labor (21,900 hours @ $14.10 per hour) 308, 790 AR= Actual Rate SR = Standard Rate nt rint AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price rences (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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting fa Actual Cost Standard C Ac