Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $5 per pound) Direct labor (2 hours @ $16 per hour) 8032 During May the company incurred the following actual costs to produce 8,700 units. Direct materials ( 141,900 pounds @ $4.80 pe pound) Direct labor (21,700 hours @ $16.10 per houl) $681,120349,370 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. 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. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)