Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ $4 per pound) $ 56 Direct labor (3 hours $14 per hour) 42 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (116,200 pounds $3.8e per pound) $441,560 Direct labor (28,308 hours @ $14.10 per hour) 399,03e 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. Complete this question by entering your answers in the tabs below. Required Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance Actual Cost Standard Cost During my te company incurre une lonowing actual Costs to produce ovu unuts. Direct materials (116,200 pounds @ $3.80 per pound) Direct labor (28,388 hours @ $14.10 per hour) $441,560 399, e3e 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 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. (Indicate the effect of each variance by selecting variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Standard Cost