Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $15 per hr.) $80 45 During June the company incurred the following actual costs to produce 8,900 units. Direct materials (144,500 lbs. @ $4.80 per lb.) Direct labor (29,900 hrs. @ $15.20 per hr.). $693,600 454,480 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price on - Cadouniaa Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost 0 co 0 $ 0 $ 0 0 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 $ 0 $ 0 $ 0 0