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. During May the company incurred the following actual costs to produce 8,700 units. Direct. naterinia (133,700 poundu $3. to per pound ) Direct Iabor (36,000 hours f$15.10 per hour) 5506,060 573,800 AR= Actual Rate SR= Standard Rate AC= Actual Quantity SO= Standard Quantlity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances: (2) Compute the direct lobor rate variance and the direct labor efficiency variance: Complete this question by entering your answers in the tabs below. Lucia Company has set the following standard cost per unit for direct materials and direct labor: Direet naterials (15 pounds 6$5 per pound) Direct labor (4 bourn e 815 per hour) During May the company incurted the following actual costs to produce 8.700 units. Direot nateriale (133,700 pounds \& 53.80 per pound) Direet labor (38,000 hours 8$15.10 per hour) 500,060573,1000 AR= Actual Rate SR= Standard Rate AQ= Actual Quantsty 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 efficlency 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 affect of each variance by selecting fovarabie, unfavorable, or no variance. found "Rate per hour" answers to 2 decmal piaces.)