Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $3 per pound) Direct labor (2 hours @ $15 per hour) $ 45 30 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $2.80 per pound) Direct labor (19,700 hours @ $15.10 per hour) $ 359,240 297,470 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. Check my work