Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 1bs. $4 per lb.) $64 During June the company incurred the following actual costs to produce 8.200 units Direct materials (134,100 1bs. $3.7e per 1b.) $496,170 281,160 per hr.). AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price 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 Requirad 1Required 2 Compute the direct materials price and quantity varlances and classify it as favorable or unfavorable 14 ot 14111 Prav Next 2) Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each varian unfavorable te this question by entering your answers in the tabs below. Required 1Required 2 Is price and quantity AQ AP AQ SP sQ SP 0 (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 unfavorable is favora eithe direct labor rate variance and the direct labor efficier Stan