Ree Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. @ $5 per lb.) Direct labor (2 hrs. @ $15 per hr.) $70 3e During June the company incurred the following actual costs to produce 8,900 units. Direct materials (127,48 lbsle $4.75 per 16.) Direct labor (21,eee hrs. @ $15.20 per hr.). $605,150 319,200 AH = Actual Hours SH = Standard lours 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 eac lance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Cmplete his question by entering your answers in the tabs below. Required Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actua! Cost Standard Cost 0 $ 0 $ 0 $ 0 0