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Directmaterials(14poundso$4perpound)Directlabor(4hours$14perhour)$5656 During May the company incurred the following actual costs to produce 8,200 units. Direct materials (116,800 pounde e 53.80 per pound) Direct labor (36,900 hourn i $14,10 per hour) 5443,840 520,290 AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorab Required 2> Compute the direct labor rate variance and the direct fabor efficiency variance. (Indicate the effect of each variance by selecting favori variance. Round "Rate per hour" answers to 2 decimal places.)