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 (3 hours @ $15 per hour) $ 45 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (122,500 pounds @ $2.80 per pound) Direct labor (27,100 hours @ $15.10 per hour) $ 343,000 409,210 = 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.