Exercise 21-12 Direct materials and direct labor variances LO P3 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures ansa Direct materials (14 lbs. He per lb.) Direct Labor (hrs. 515 per hr.) During June the company incurred the following actual costs to produce 8.500 units Direct materials (122.000 lbs. 53.75 per lb.) Direct labor (30, 100 hrs. $15.15 perh.). 5457.500 AH-Actual Hours SH - Standard Hours 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 indicate the effect of each variance by selecting for favorable unfavorable, and no variance.) (2) Compute the direct laborate variance and the direct labor efficiency variance indicate the effect of each variance by selecting for favorable, unfavorable, and no 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 whether each variance is favorable or unfavorable Standard Cost AQ - Actual Quantity SQ - Standard Quantity AP Actual Price SP Standard Price points (1) Compute the direct materials price and quantity variances indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct laborate variance and the direct labor efficiency variance indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) 41 Complete this question by entering your answers in the tabs below. Required 1 ed 2 compute the direct materials price and quantity variances Indicate whether each variance is favorable or unfavorable Required 2 > AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price 20 points Compute the direct materials price and quantity variances indicate the effect of each variance by selecting for favorable unfavorable, and no variance.) (2) Compute the direct laborate variance and the direct labor efficiency variance Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) 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 whether each variance is favorable or unfavorable Hequired 1