Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $5 per pound) Direct labor (4 hours @ $16 per hour) $ 70 64 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (120,000 pounds @ $4.80 per pound) Direct labor (36,900 hours @ $16.10 per hour) $ 576,000 594,090 AR Actual Rate SR AQ Standard Rate Actual Quantity SQ = Standard Quantity AP SP es AH Actual Price Standard Price Actual Hours SH = Standard Hours (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. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost Standard Cost < Prev 3 of 8 Next >