Lucia Companyr has set the following Standard cost per unit for direct materials and direct labor. Direct materials [16 pounds 9 $4 per pound) $ 64 Direct labor (3 hours 637 $16 per hour) 43 During Mag.r the company incurred the following actual costs to produce 8,800 units. Direct materials (144,?98 pounds 8 $3.89 per pound) $ 549,868 Direct labor (36,586 hours {:3 $16.18 per hour) 491,853 AP = Actual Rate SP = Standard Rate A0 = Actual Quantity SQ = Standard Quantityr 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. 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 Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. Actual Cost Standard Cost