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Exercise 21-12 Direct materials and direct labor variances LO P3 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures $80 Direct materials (16 lbs. @ $5 per 15.) Direct labor (4 hrs. @ $14 per hr.) 56 During June the company incurred the following actual costs to produce 8,900 units Direct materials (145,380 lbs. @ $4,80 per lb.) Direct labor (40,000 hrs. $14.15 per hr.) 5697,440 566,00 AH = Actual Hours SH = Standard Hours 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, (Indicate the effect of each vorlence by selecting for favorable, unfavorable, and no varlance) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each verlance by selecting for favorable, unfavorable, and no varlance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cost $ ercise 21-12 Direct materials and direct labor variances LO P3 od Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures. rect materials (16 lbs. $5 per lb.) Direct labor (4 hrs. @ 514 per hr) $80 56 ning June the company incurred the following actual costs to produce 8.900 units. Direct materials (145,388 Ibs. 34.80 per 1b.) Direct labor (40,00 hrs. $14.15 per hr.). 5697,440 566,000 H-Actual Hours SH - Standard Hours 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 quantry variances. (Indicate the effect of each verlance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each verlance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required i Required 2 Compute the direct laborate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Atual Cost Standard Cost a 5 5