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Reed Corp. has set the following standard direct material and direct labor conta per unit for the product it manufactures Direct material (18109 per in.) Direct la 2. SIS During June the company incurred the following actual con to produce 8.800 units Direct materials (1.25, 900 lbs. 33.80 per 16.) Direct labor (22,500 hrs. 15.10 per hr.). 5478,420 339.250 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 variance 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 variance by selecting for favorable, unfavorable, and no variance.) (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance 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 variance by selecting for favorable, unfavorable, and no variance.) 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 Required 2 > (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance 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 variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance, Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost