Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. @S4 per lb.) Direct labor (4 hrs. $15 per hr.) S56 80 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (128,400 lbs. S3.80 per lb) 487,920 Direct labor (39,800 hrs. $15.10 per hr.). 800,980 1) Compute the direct materials price and quantity variances. Actual Cost Standard Cost AP SP SQ SP Direct materials price variance Direct materials quantity variance Total direct materials variance ble avorable 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 AH AR SR SH SR Direct labor rate variance Direct labor efficiency variance Total direct labor variance able ble