Reed Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Otros (1854 per Direct labor 51 per) During June the company incurred the following actual costs to produce 8,500 units Direct materials (121,500 lbs3,75 per 10.) Direct labor (2.900 516.10 hr.) 45,00 AH Actuat Hours SH Standard Hours AR Actual Rate SR Standard Rate A Actual Quantity SO Standard Quantity AR Actual Price SP Standard Price (1) Compute the direct materials price and quantity vartonces (Indicate the effect of each variance by selecting for favorable (2) Compute the direct labar rate variance and the direct laboreticiency variance. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. 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 RAQUE Required 2 > 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. Actual Cost Standard Cost