Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (25 los$3 per 10.) Direct labor ( 3.515 per hr.) 545 45 During June the company incurred the failowing actual costs to produce 8,100 units Direct materiais (134, 300 lbs. 32.75 per 10.) Direct labor (28,800 hrs. 515.15 per hr.) 5341,825 456,320 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 etficiency 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.