Lucia Company has set the following standard cost per unit for direct materials and direct laboe. birect naterials ( 16 pounds ef $4 per pound) $64 Direct labor (4 hours $15 per hour) 60 During May the compony incurred the following actual costs to produce 8,200 units. Direct materials (133,600 pounds a $3.80 per pound) $507,680 Direct labor (36,700 haurs a $15. 10 per howr) 554,170 AR= Actual Rate SR = Standard Rate AO= Actual Quantity SO = Standard Quantity AP = Actual Price SP in 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. During Way the company incurted the following actual costs to produce 8.200 units Direct materials (133,600 pounds e $3.00 per peund) Direct labor (36,700 hours e $15,10 per bour) +554,17507,610 AR= Actual Rate SR = Standard Rate AQ= Actual Quantity SO= 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 efficlency variance. Complete this question by entering your answers in the tabs below. Compute the direct labor rate vaniance and the direct labor efficiency variance. (indicafe the effect of each variance by selecting favorable, unfavirable, or nop varlance. Round "Rate per hour" answers to 2 decimal places