Exercise 8-11 (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 (16 pounds @ $3 per pound) Direct labor (3 hours $16 per hour) $ 48 48 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (137,600 pounds @$2.80 per pound) Direct labor (28,700 hours @ $16.10 per hour) $ 385,280 462,070 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 Required 11 Required 2 Compute the direct materials price and quantity variances, (Indicate the effect of each variance by selecting favorable, unfavorable, or no varia Actual Cost $ $ 0 0 $ 0 Required 2 > Standard Cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorab variance, Round "Rate per hour" answers to 2 decimal places.) Actual Cost Standard Cost $ 0 $ 0 0 S 0