> Exercise 8-11 (Algo) Direct materials and direct labor varlances LO P3 45 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ 54 per pound) $ 56 Direct labor (3 hours 515 per hour) During May the company incurred the following actual costs to produce 8,800 units. Direct materials (125, 4ee pounds @ $3.89 per pound) $ 476,520 Direct labor (31,200 hours @ 515.10 per hour) 471, 120 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 varfance. Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the direct labor rate variance and the direct labor effidency variance. (Indicate the effect of each variance by selecting! variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Standard Cost 5 0