Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(15pounds@$3perpound)Directlabor(4hours@$16perhour)$4564 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (130,100 pounds e$2.80 per pound) Direct labor ( 37,600 hours @ $16.10 per hour) $364,280 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. Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(15pounds@$3perpound)Directlabor(4hours@$16perhour)$4564 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (130,100 pounds e$2.80 per pound) Direct labor ( 37,600 hours @ $16.10 per hour) $364,280 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