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Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product manufactures. Directorials (16 lbs. @ per 1b.) Direct labor (hes. $15 per he) During June the company incurred the following actual costs to produce 8.200 units Direct materials (234,6 lbs. $4.75 per Ib.) Direct labor (27.782 hrs. $15.15 per.). $636, see 419,655 AH-Actual Hours SH - Standard Hours AR-Actual Rate SR - Standard Rate AQ - Actus Quantity SQ - Standard Quantity AP-Actual Price SP - Standard Price (1) Compute the direct materiais price and quantity variances. Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct borste variance and the street bor efficiency variance indicate the effect of each variance by selecting for favorable, unfavorable, and no variance Answer is not complete Complete this question by entering your answers in the tabs below. Compute the direct laborate wanance and the direct laborency vartanon Indicate whether each variance is favorable or unfavorable Standard Cost Actual Cost SR SH AH 134.000 13000 000 Crematele (Red ework Saved Check my work mode : This shows what is correct or incorrect for the Reed Corp. has set the following standard direct materials and direct lab Direct materials (16 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $15 per hr.). $80 45 During June the company incurred the following actual costs to produce Direct materials (134,000 lbs. @ $4.75 per lb.) Direct labor (27,700 hrs. @ $15.15 per hr.). $636,500 419,655 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price