Lucla Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds e $5 per pound) $70 Direct labor ( 3 hours e \$14 per hour) 42 During May the company incurred the following actual costs to produce 8.500 units. Direct materials ( 121,700 pounds e $4.80 per pound) Direct labor (29,900 hours e $14.10 per hour) $84,160421,590 AR = Actual Rate SR= Standard Rate AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate varlance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance Required 2 , Compute the direct la Required 2 vee and the direct labor efficiency varlance. (Indicate the effect of each varlance by selecting varlance. Round "Rate pel noui ariswers to 2 decimal places.)