Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $4 per lb.) Direct labor (2 hrs. @ $15 per hr.) $60 30 During June the company incurred the following actual costs to produce 8,200 units. Direct materials (125,800 lbs. @ $3.70 per lb.) Direct labor (19,700 hrs. @ $15.15 per hr.). $465,460 298,455 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 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