QS 8-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products Direct materials standard pounds per pound Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used 12 per unit se pounds 6400 units . AQ - Actual Quantity SQ - Standard Quantity AP Actual Price SP - Standard Price Compute the direct materials price and quantity variances and identity each as favorable or unfavorable Actual Cost Standard Cost X QS 8-11 (Algo) Direct labor rate and efficiency varlonces LO P3 A company reports the following information for its direct labor 6500 Actual hours of direct Labor used Actual rate of direct labor per hour Standard rate of direct inbon per hour Standard hours of direct labor for unit, produced 66 AH Actual Hours SH - Standard Hours AR Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identity each as favorable or unfavorable Actual Cost Standard Cost