Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (15 pounds @ $4 per pound) Direct labor (2 hours @ $15 per hour) $60 38 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (128,100 pounds @ $3.80 per pound) Direct labor (20, eee hours @ $15.10 per hour) 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 nces $ 486,780 302,000 (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assessment Tool iFrame Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Henged's Required 2> Standard Cost Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @$4 per pound) Direct labor (2 hours @ $15 per hour) $ 60 30 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (128,100 pounds @ $3.80 per pound) Direct labor (20,000 hours @ $15.10 per hour) $ 486,780 302,000 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. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selectin variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Required 1 Hespaired 2 Standard Cost