Lucia Company nas set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $3 per pound) Direct labor (2 hours @ $15 per hour) During May the company incurred the following actual costs to produce 8,500 units. Direct materials (131,000 pounds @ $2.80 per pound) Direct labor (20,200 hours @ $15.10 per hour) AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP=Standard Price $45 30 $366,800 305,020 (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.

Lucia Lompany nas set the tollowing standara cost per unit for direct materiais and direct labor. Direct materials (15 pounds e $3 per pound) $45 Direct labor (2 hours e $15 per hour) 30 During May the company incurred the following actual costs to produce 8,500 units. Direct materisls ( 131,000 pounds e $2.80 per pound) $366,800 Direct labor (20,2e0 hours e $15.10 per hour) 305,020 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. (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