Reed Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. $4 per Ib.) Direct labor (4 hrs. $15 per hr.) $56 60 During June the company incurred the following actual costs to produce 8.500 units, Direct materials (121,700 lbs. $3.75 per 1b.) Direct labor (39,000 hes. $15.10 per hr.) $456, 375 588,900 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.) Complete this question by entering your answers in the tabs below. SP = Standard Price (1) Compute the direct materials price and quantity varlances. (Indicate the effect of each variance by selecting for favor unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by 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, Actual Cost Standard Cost $ 0 s 0 $ 0 0 Required Required 2 > SP = Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorab unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by 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 efficiency variance. Indicate whether each variance is favorable or unf Actual Cost Standard Cost 0 S 0 $ 0 $ 0