Reed Corp. has set the following standard direct materials and direct labor costs per unit for the 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 nces Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost Required 1 Required 2 > - 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 0 Required 1 Required 2