Lucia Company bas set the following standard cost per unit for direct materials and direct labor. Directmateriali(15pounds$55perpound)Directlabor(3hourstperperhour)$7548 Direct labor (3 hours &$16 per houk) During May the company incurred the following actual costs to produce 8,600 units. Directnsteriale(131,600pounds$54.80perpound)Directlabor(30,100bours$16.10perhour)631,690484,610 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance by selecting favorable, unfavorabie, or no variance. Round "Rate per hour answers to 2 decimal places.)