Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materiats (15 pounds a $5 per pound) i 75 Direct tabor (3 hours 516 per hour) 48 During May the company incurred the following actual costs to produce 8,300 units. Direct naterials (128,300 pounds 6.$4.80 per pound) Direct labor (29,580 hours 8$16, id per hour? $615,840474,950 AR= Actual Rate SR= Standard Rate AO = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (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. Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materiats (15 pounds a $5 per pound) i 75 Direct tabor (3 hours 516 per hour) 48 During May the company incurred the following actual costs to produce 8,300 units. Direct naterials (128,300 pounds 6.$4.80 per pound) Direct labor (29,580 hours 8$16, id per hour? $615,840474,950 AR= Actual Rate SR= Standard Rate AO = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (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. Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance