IE Exercise 21-12 (Static): Direct materials and direct labor variances LO P3 Camila Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(10pounds@$3perpound)Directlabor(2hours@$12perhour)$3024 Direct materials ( 10 pounds \& $3 per pound) $30 Direct labor ( 2 hours a $12 per hour) 24 During June the company incurred the following actual costs to produce 9,000 units. Directmaterials(92,000pounds@$2.95perpound)Directlabor(18,800hours@$12.05perhour)$517,500226,540 Direct materials (92,000 pounds @ $2.95 per pound) $517,500 Direct labor (18,800 hours a $12.05 per hour) 226,540 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. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect