Lucla Company has set the following standard cost per unit for direct materlals and direct labor. Direct materials (14 pounds $4 per pound) $56 Direct labor (2 hours $15 per hour) 30 During May the company Incurred the following actual costs to produce 8,500 units. Direct materials ( 121,800 pounds 93.80 per pound) Direct labor (20,500 hours e \$15.10 per hour) AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price $462,840 309,550 (1) Compute the direct materlals price and quantlty varlances. (2) Compute the direct labor rate varlance and the direct labor efficlency varlance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. 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