Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ \$3 per pound) $42 Direct labor (2 hours @ \$15 per hour) 30 During May the company incurred the following actual costs to produce 8,800 units. Direct materials (126,000 pounds @$2.80 per pound) $352,800 Direct labor (21,600 hours a $15.10 per hour ) 326,160 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. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. 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