Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(15pounds@$4perpound)Directlabor(3hours@$16perhour)$6948 During May the company incurred the following actual costs to produce 8,500 units. Direct materials (130, 890 pounds @ \$3.8 per pound) ; 497,840 Direct labor (30,200 hours \$16.10 per hour) 486,220 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