Lucla Company has set the following standard cost per unit for direct materials and direct labor. Oirect naterials (14 pounds e 55 per pound) birect labor ( 3 hours e $15 per hour) 570 During May the company incurred the following actual costs to produce 8.000 units oirect materials (115, see pounds e $4,60 per pound ) Direct labor (27,4es hours \& s15, 1e per hour ) 5555,840 413,740 AR= Actual Rate SR= Standard Rate AQ=ActualQuantity 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 varnance. Complete this question by entering your answers in the tabs below. Lucia company has set the followlng standard cost per unit for direct materials and direct labor. Direct materials (14 pounds e 55 per pound) Direct labor (3 hours 8.515 per hour) 37045 Duning May the company incutred the following actual costs to produce 8.000 units: oirect natertals (115, se0 pounds o 14 ise per pound) olrect labor (27, 4e9 hours e 515 . 10 per hour ) 3555,540413,746 AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantiyAP=ActualPriceSP=StandardPrice (1) Compute the direct materiais price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficlency variance Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the drect labor efficiency variance. (Indicate the effect of cach variance by selecting favbrable, unfavorabie, or no variance. Round "Pate per hour" answers to 2 decimal places.)