Jones Co. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs, $4 per lb.) Direct labor (4 hrs. $15 per hr.) $60 60 During May Jones Co. incurred the following actual costs to produce 8,100 units. Direct materials (125,100 lbs. $3.80 per 15.) Direct labor (37.000 hrs. # $15.10 per hr.). $475,380 558,700 AQ = Actual Quantity SQ Standard Quantity AP Actual Price SP = Standard Price AH = Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Standard Cost Actual Cost Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost