Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $3 per pound) $48 Direct labor ( 3 hours @ $14 per hour) 42 During May the company incurred the following actual costs to produce 8,900 units. Direct materials (146,000 pounds @ $2.80 per pound) $408,800 Direct labor (30,800 hours @ $14.10 per hour) 434,280 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