Jones Co, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ $5 per 1b.) Direct labor (3 hrs. @ $15 per hr.) $80 45 During May Jones Co. incurred the following actual costs to produce 8,300 units Direct materials (135,600 lbs. @ $4.80 per lb.) Direct labor (29,600 hrs. @ $15.10 per hr.). $ 650,880 437,900 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. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Standard Cost Actual Cost