Jones Co. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. e $4 par 1b.) Direct labor (4 hrs. & $16 per hr.) $60 64 During May Jones Co. incurred the following actual costs to produce 8,400 units. Direct materials (128,000 lbs. $3.80 per 1b.) Direct labor (38,300 hrs. $16.10 per hr.). $486,400 616, 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 Cost Standard Cost SO 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 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 Required 2 > wurm vay JUES CUTICUTTUU UIE TUNOHTY OLIGI LUB W pruuuce 0,0U UL. Direct materials (128,000 lbs. $3.80 per 1b.) Direct labor (38,300 hrs. $16.10 per hr.). $486,400 616,630 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 far 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 a Actual Cost Standard Cost