Reed Corp. has set the following standard direct materlals and direct labor costs per unit for the product It manufactures. Direct materials (15 lbs. $3 per lb.) Direct labor (3 hrs. $16.00 per hr.) 45 48 During June the company Incurred the following actual costs to produce 8,500 units Direct materials (129,9e0 lbs. $2.75 per lb.) Direct labor (30, hrs. @ $16.20 per hr.) $357,225 490,868 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 varlances. (2) Compute the direct labor rate variance and the direct labor efficiency varlance. Indicate whether each variance Is favorable or unfavorable Complete this question by entering your answers in the tabs below Required 1Required 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 Required 1 Required 2