Exercise 23-12 (Algo) Direct materials and direct labor varlances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor, Direot naterinls (15 pounds of $4 per pound Direot labor (4 bours 1516 per hour ) During June the company incurred the following actual costs to produce 8,000 units. Directaaterialn(122Directlabor(36,600AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (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. Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct Inbor t4 hours 8$16 per bear) 64 During June the company incurred the following actual costs to produce 8,000 units. Direet anterio In (122, 600 pounds 4.$3,80 per pound) Direet labor (36,600 hours 4:516,10 per hour) 5. 465,280 589,260 AR = Actual Rate SR = Standard Rate AQ= Actual Quantity 50= 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. (findicate the effect of each variance by selecting favorable, unfavorable, or no varlance. Round "Rate per hour" answars to 2 decimal places.)