Exercise 21-12 Direct materials and direct labor varlances LO P3 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct waterials (16 lbs. 54 per lb.) Direst labor (4 hrs. $15 per hr.) sisse per 16.) During June the company incurred the following actual costs to produce 8.200 units. Direct materials (13),400 lbs. @ $.75 per lb.) Direct labor (35,900 hrs. $15.10 per hr.). S500, 250 $42,099 AH Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate ces 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 labor rate variance and the direct labor efficiency variance Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials prke and quantity variances. Indicate whether each variance is favorable or unfavorable. Actus Cost Standard Cost [Resume 1 Required 2 > for tovorable, 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 llavorable or unfavorable N Required 1 Required 2 >