Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials ( 14 pounds &$4 per pound) Direct labor ( 2 hours 8$14 per hour) $56 28 During May the company incurred the following actual costs to produce 8,400 units. Direct materiala (121,500 pounds $3.80 per pound) $461,700 Direct labor (20,500 hours o $14.10 per hour) 289,050 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 vafiances. (2) Compute the direct labor rate variance and the dirtect labor efficiency variance. Complete this question by entering your answers in the tabs below