Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $5 per 1b.) Direct labor (2 hrs. @$15 per hr.) $75 30 During June the company incurred the following actual costs to produce 8,300 units. Direct materials (126,800 lbs. @ $4.88 per lb.) Direct labor (20,600 hrs. @ $15.15 per hr.). $608,640 312, e9e AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost AQ Standard Cost AP AQ X SP SQ SP 0 $ 0 $ 0 s 0 0 (Required 1 Required 2 > Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorat Standard Cost Actual Cost SR SH SR X X AH AR AH X 0 $ 0 $ 0 $ 0