Jones Co. has set the following standard direct materials and direct labor costs per unit for the product it manufactures, Direct materials (15 lbs. $5 per 1b.) Direct labor 12 hrs. * $15 per hr. $75 30 During May Jones Co. Incurred the following actual costs to produce 8,700 units. Direct material (134,300 lbs. 54.00 per 1b. Direct labor (21,000 hrs. . 515.10 per hr.). $644,640 317,100 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 varlance. Indicate whether each varlance is favorable or unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required? Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Actual Cost Standard Cost