Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(15pounds&$4perpound)Directlabor(4hours&$16perhour)$6064 During May the company incurred the following actual costs to produce 8,700 units. Direct materials (132,500 pounds \& $3.80 per pound) Direct labor (39,200 hours \& $16.10 per hour ) AR = Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP = Actual Price SP= Standard Price 503,500631,120 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. 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