Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. $4 per 1b.) Direct labor (3 hrs. $15 per hr.) $64 45 produce 8.200 units During June the company incurred the following actual costs to Direct materials (134,0ee lbs. $3.8 per lb.) Direct labor (27,78e hrs. $15.28 per hr.). $5e9, 20e 421,040 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 favorab unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Actual Cost Standard Cost AQ AP AQ SP SQ SP X X 134,000 3.80 134,000 4.00 2,800 4.00 x S 11,200 509,200 538,000 S 28.800 S524,800 S 28.800 Direct materials price variance Direct materials quantity variance 524,800 Total direct materials variance Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. $4 per lb.) Direct labor (3 hrs. $15 per hr.) $64 45 During June the company incurred the following actual costs to produce 8.200 units. Direct materials (134,0ee lbs. $3.8e per lb.) Direct labor (27,7e0 hrs. $15.20 per hr.). $589,200 421,040 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. Complete this question by entering your answers in the tabs below. 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 AH AR AH SR SH SR X x X S 15.20 S 15.00 27,700 27,700 X S 421,040 415.500 5.540 S 0 S 5,540 Direct labor rate variance Direct labor efficiency variance Total direct labor variance Required 1 Required 2>