Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. 84 per lb.) Direct labor (3 hrs. $15 per hr.) $60 45 Dung June the company incurred the following actual costs to produce 8.400 units. Direct materials (128,680 lbs. $3.75 per lb.) Direct labor (28,500 hrs. @ $15.15 per hr.). 5482, 250 431,775 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 vartances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate vanance and the direct labor efficiency variance (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance.) 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 Cast Standant Cost ULY AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each varlance by selecting for favore 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 0 R Required 2 > 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 verlance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency vartance. (Indicate the effect of each variance by sele for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 ho Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorab Actual Cost Standard Cost 0 $ 0 $ 0 0