Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $3 per 1b. Direct (2 hrs. $15 $45 ad 30 per hr.) During June the company incurred the following actual costs to produce 8,800 units. Direct materials (134,400 lbs. e $2.80 per lb.) Direct labor (21,700 hrs. $15.20 per hr.). $376,320 329,840 AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours AR Actual Rate SR Standard 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 unfavorable. (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 unfavorable. Complete this question by entering your answers in the tabs below. Required Required 1 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 Required 2 Required 1