Nina Company prepared the following fixed budget for July using 7,620 units for budgeted sales. Actual sales were 7,320 units and actual costs are shown below. Prepare a flexible budget performance report for July at activity level of 7,320 units. Show variances between budgeted and actual amounts. (Indlcate the effect of each varlance by selectling favorable, unfovorable, or no varlance.) Direct materials (15 pounds @ \$4 per pound) $69 Direct labor (4 hours $16 per hour) 64 During May the company incurred the following actual costs to produce 8,700 units. Direct materials (133,690 pounds @$3.89 per pound) $597,680 Direct labor (38,460 hours $16.10 per hour) 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. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)