Lucia Company has set the following standard cost per unit for direct materials and direct labo Direct materials (16 pounds @ \$4 per pound) \$64 Direct labor ( 2 hours @ \$14 per hour) 28 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (147,700 pounds @ $3.80 per pound) Direct labor ( 21,800 hours @ $14.10 per hour) $561,260 387,380 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. 12) Compute the direct labor rate yariance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each vanance bv selartimm faimonhi Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by seiecting favorati t. unfa variance, Round "Rate per hour" answers to 2 decimal places.)