Lucia Company has set the following standard cost per unit for direct materials and direct labor: Direct materials (16 pounds e \$4 per pound) Direct laber (3 hours \& $15 por hour) 64 45 During May the company incurred the following actual costs to produce 8,000 units. pirect eaterials (131,160 pounds o 53.80 per pound) Direct labor (77,300 hours 9 s 515.10 por hour ) 5498,189 412,230 AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (1) Compute the direct materials price and quantily variances. (2) Compute the direct labor rate varlance and the direct labor efficlency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by celecting favorable, unfavorable, or he variance.) Required 2>