Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product manufactures $75 Direct materials (15 lbs. 35 per lb.) Direct labor (2 hrs. $15 per her) 30 During June the company incurred the following actual costs to produce 8,800 units Direct naterials (134,100 lbs. 54.80 per 1b.) Direct Jabor (20,800 hrs: @ $15.10 per he) $643,680 314,080 AH = Actual Hours SH Standard Hours AR - Actual Rate SR - Standard Rate AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorable. unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) 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. SQ - Standard Quantity AP - Actual Price SP=Standard Price (1) Compute the direct materials price and quantity variances, (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no verience.) os 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 Required Required 2 > (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable. unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required Required 2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Standard Cost Actual Cost (Required 1 Retro2