Lucia Company has set the following standard cost per unit for direct materlals and direct labor. Directnaterials(16pounds2$5perpound)Directlabor(3hourse$16perhour)$8048 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (139,6ed pounds e $4,80 per pound )678,080 Direct labor (28,500 hours e $16.10 per hour) 458,850 AR=Actual Rate SR= Standard Rate AO= Actual Quantity 50= Standard QuBntity 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. AC=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. 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 varlance. 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, unfavomble, or no variance. Round 'Rate per hour' answers to 2 decimal places.)