Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials ( 14 pounds \& $3 per pound) Direct labor (4 hours o $16 per hour) $42 During May the company incurred the following actual costs to produce 8,700 units. Direct materials (124,600 pounds \& $2.80 per pound) Direct labor (39,500 hours \& $16.10 per hour ) $348,880 635,950 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. (1) Compute the direct materials price and quantity variances. (2) Compute the ditect labor fate variance and the direct labor efficlency variance Compiete this question by entering your answers in the tabs below