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 materials (15 pounds @ \$4 per pound Direct labor (3 hours@\$14 per hour) 42 During May the company incurred the following actual costs to produce 8,300 units. 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. (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 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.) Exercise 23-26 (Algo) Computing sales variances LO A1 Mia Wiz sells computers. During May, it sold 700 computers at a $800 per unit price. The fixed budget for May predicted sales of 750 computers at an per unit price of $770. AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP = Standard Price 1\&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)