Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures, During June the company incurred the following actual costs to produce 8,500 units. AQ= Actual Quantity SQ= Standard Quantity AP = Actual Price SP = Sndard Price AH = Actual Hours SH = Standard Hours AR= Actual Rate SR= Standatd Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfovorable. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or un