Exercise 23-11 (Static) 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 nound) $60 Direct labor (3 hours @ \$15 per hour 45 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.75 per pound) $517,500 Directlabor(31,000hours@$15.10perhour)468,100 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 materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places