Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials ( 16 pounds e $5 per pound) 5. 80 Direct labor ( 3 hours a $15 per hour) 45 During May the company incurred the following actual costs to produce 8,100 units. Direct materiats (132,100 pounds $4.80 per pound) $634,080 Direct labor (28,700 hours a $15.10 per hour) 433,370 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. (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 fabor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorabie 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. Direct materials ( 16 pounds e $5 per pound) 5. 80 Direct labor ( 3 hours a $15 per hour) 45 During May the company incurred the following actual costs to produce 8,100 units. Direct materiats (132,100 pounds $4.80 per pound) $634,080 Direct labor (28,700 hours a $15.10 per hour) 433,370 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