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 16.) Direct labor (3 hrs. @ $15 per hr.) $48 45 ook During June the company incurred the following actual costs to produce 8,400 units. Direct materials (137,000 lbs. @ $2.80 per lb.) Direct labor (29,800 hrs. @ $15.15 per hr.). $383,600 451,470 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.) Chapter 8 Homework i Saver Help Save & Exit Submit Check my work 4. AP = Actual Price SP - Standard Price 3 points (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.) Book Complete this question by entering your answers in the tabs below. Fin Print Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cost Saved Help Save & Exit Check my 4 AP = Actual Price SP = Standard Price 3 (1) Compute the direct materiais 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.) points eBook Complete this question by entering your answers in the tabs below. Hint Print 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 (Me Pro Novi