Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(14poundse$5perpound)Directlabor(3hours&$16perhour)$7048 During May the company incurred the following actual costs to produce 8,500 units. AR=ActualRate SR=Standard Rate AQ=ActualQuantity 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. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, variance. Round "Rate per hour" answers to 2 decimal places.)