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Exercise 21-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds $4 per pound) Direct labor (3 hours $14 per hour) During May the company incurred the following actual costs to produce 8,800 units. Direct materials (135,600 pounds 8 $3.80 per pound) Direct labor (31,300 hours $14.10 per hour) AR Actual Rate SR Standard Rate AQ-Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price $ 60 42 Required 1 Required 2 $ 515,280 441,330 (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. Book Hot terenons (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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost Required 2> Check my wa Book Hent Print ferences (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. Required 1 Required 2 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.) Actual Cost Required 1 Requir Standard Cost