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 @ $16 per hour) $ 60 32 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (129,400 pounds @ $3.80 per pound) Direct labor (21,300 hours @ $16.10 per hour) $ 491,720 342,930 = 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.