Lucia Company has set the following standard cost per unit for direct materials and direct labor: During May the company incurred the following actual costs to produce 8.400 units. Direct materials (119,900 pounds a 53.80 per pound) Direct labor (38,600 hours e 5.514.10 per hour) 455,628 544,260 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantty 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 labor rate variance and the direct labor efficiency variance. findicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Lucia Company has set the following standard cost per unit for direct materials and direct labor: Directmaterials(14poundse$4perpound)Directlabor(4hourse$14perhour)$5656 During May the company incurred the following actual costs to produce 8.400 units. Direct materials (119,900 pounds e $3.80 per pound) Direct labor (38,680 hours \& $14,10 per hour) 455,620 544,260 SR= Standard Rate AQ=ActualQuantity SO= 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