Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product It manufactures. $60 Direct materials (15 lbs. @ $4 per lb.) Direct labor (3 hrs. @ $16 per hr.) During June the company incurred the following actual costs to produce 8,400 units. Direct materials (128,000 lbs. @ $3.75 per lb.) $480,000 Direct labor (28,700 hrs. @ $16.10 per hr.). 462,070 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 varlance by selecting for favorable, unfavorable, and no varlance.) (2) Compute the direct labor rate variance and the direct labor efficiency varlance. (Indicate the effect of each varlance 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 0 $ 0 $ 0 $ 0 0 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 0 $ 0 $ 0 S 0 0