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. 616 per hr. $60 64 During May Jones Co. Incurred the following actual costs to produce 8,400 units. Direct material (126,000 lbs $3.00 per 10.) Direct labor (36,300 hr. 516.10 per hr.). 5486,400 616,630 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. Actual Cont Standard Cost 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 Cont Standard Cont 0 $ $ 0 0 RecheAD Required 2 > 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 variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable Actual Cout Standard Cont $ $ Required 1 Releu 2