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 (3 hours @ $15 per hour) $42 45 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (122,300 pounds @ $2.80 per pound) Direct labor (29,100 hours @ $15.10 per hour) AR Actual Rate. SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP SP Actual Price Standard Price (1) Compute the direct materials price and quantity variances. $ 342,440 439,410 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 selecting favorable, unfavorab Actual Cost Standard Cost