Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 3.5 points Direct materials (15 lbs. $4 per lb.) Direct labor (3 hrs. @ $14 per hr.) During June the company incurred the following actual costs to produce 8,000 units. Direct materials (122,200 lbs. 33.80 per lb.) Direct labor (27.600 hrs. $14.15 per hr.). $464.360 390, 540 AQ = Actual Quantity SO = Standard Quantity AP = Actual Price SP = Standard Price Print References AH = Actual Hours SH = Standard Hours AR-Actual Rate SR Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Prev 1 of 2 Next > (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favor unfavorable. oints Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Hint Actual Cost Standard Cost Print References Required 2 > Complete this question by entering your answers in the tabs below eBook Required 1 Required 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 Print References Required 1 Prev 1 of 2 Next