Jones Co has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 260 $4 per 1b.) Direct labor 12 hrs. 515 per hr. 364 30 During May Jones Co. incurred the following actual costs to produce 8,000 units. Direct materials (191,000 lb. 53.80 per 1h) Direct labor (19,300 hrs. $15.10 per hr.). 5497,800 291,430 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 och variance in 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 Actual CONI Standard Cour AQ AP A