Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. 2 54 per 16.) Direct labor (hrs. 15 per hr.) 560 45 During June the company incurred the following actual costs to produce 8.400 units Direct materials (125,000 lbs. 33.75 per 1b.) Direct labor (15.500 hrs. 15.30 per hr.). 5453,000 433,200 AH-Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate AQ Actual Quantity SQ - Standard Quantity AP Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each varlance by selecting for favor at unfavorable, and no variance.) CP 22 of 22 Nord o search O B N Complete this question by entering your answers in the tabs below. 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 $ 0 $ 0 $ Required 2 >