Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (16 pounds $3 per pound) $ 48 Direct labor (3 hours $14 per hour) 42 During May the company incurred the following actual costs to produce 8,200 units Direct materials (134,000 pounds $2 80 per pound) $ 375,200 Direct labor (28,600 hours $14 10 per hour) 403,260 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 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 variance Round Rate per hour answers to 2 decimal places ) 1) Compute the direct materials price and quantity variances 12) Compute the direct labor rate variance and the direct labor efficiency variance Complete this question by entering your answers in the tabs below

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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $3 per pound) $

image text in transcribed Lucia Company has set the following standard cost per unit for direct materials and direct labor.

Direct materials (16 pounds @ $3 per pound)	$ 48
Direct labor (3 hours @ $14 per hour)	42

During May the company incurred the following actual costs to produce 8,200 units.

Direct materials (134,000 pounds @ $2.80 per pound)	$ 375,200
Direct labor (28,600 hours @ $14.10 per hour)	403,260

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. image text in transcribed

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 variance. Round "Rate per hour" answers to 2 decimal places.) 1) Compute the direct materials price and quantity variances. 12) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below