Reed Corp. has set the following standard direct materials and direct labor costs per unit product it manufactures. Direct materials (15 lbs. $5 per lb.) Direct labor (3 hrs. $16 per hr.) During June the company incurred the following actual costs to produce 8,300 units. Direct materials (126, 900 lbs. $4.70 per lb.) Direct labor (28,400 hrs. $16.20 per hr.). $596,430 460,080 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. nces Actual Cost Standard Cost $ 0 $ 0 of 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 $ 0 01