Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ %4 per pound) $ 64Direct labor (4 hours @ $14 per hour) 56 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (133,300 pounds @ $3.80@ per pound) $ 506,540Direct labor (36,000 hours @ $14.1@ per hour) 507,600 AR = Actual Rate SR = Standard Rate AQ = Actual QuantitySQ = Standard QuantityAP = Actual Price SP = Standard Price AH = Actual Hours SH = Standard Hours (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 materials price and quantity variances.Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Required2 > 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.Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. L T T T |