Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct waterials (16 lbs. $ per 1b.) Direct labor (3 hrs. $15 per her.) 48 During June the company incurred the following actual costs to produce 9.900 units Direct materials (145,180 lbs. $2.8 per 16.) Direct labor (38.5 hrs. $15.22 per hr.). $485,22 495,720 AH-Actual Hours SH - Standard Hours AR-Actual Rate SR - Standard Rate 40 - Actual Quantity SO - 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 esch variance by selecting for favorable, unfavorable, and no variance. Complete this question by entering your answers in the tabs below. Required 1 Ruured 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Coct Btandard Cost Required Required 2 > Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. $3 per 1b.) Direct labor (3 hrs. $15 per hr.) 48 During June the company incurred the following actual costs to produce 9,900 units. Direct saterials (145,180 lbs. $2.8 per 11.) Direct labor (38.5 hrs. $15.22 per hr.). $485,200 495,720 AH-Actual Hours SH - Standard Hours AR-Actual Rate SR - Standard Rate AQ - Actual Quantity SO - Standard Quantity AP - Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. Indicate the effect of each verliance 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 esch 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 labor rate variance and the direct labor eficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Coct Btandard Coct