Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(14poundse$3perpound)Direct1abor(2houre$16perhour)$4232 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (120,700 pounda &$2.30 per pound ) Direct labor (20,500 hours \& $16.10 per hour) AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (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. (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 materials price and quantity varlances. (Indicate the effect of each variance by selecting favorable. unfavorable, or no variance. 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 varlance. Round "Rate per hour" answers to 2 decimal places.)