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. $15 per hr.) $45 45 During June the company Incurred the following actual costs to produce 8,000 units Direct materials (122,400 lbs. $2.7e per 1b.) Direct labor (28,100 hrs. $15.10 per hr.). $330,48e 424,31e AQ = Actual Quantity SQ Standard Quantity AP- Actual Price SP-Standard Price AH- Actual Hours SH Standard Hours AR- Actual Rate SR-Standard Rate (2) Compute the direct labor rate varlance and the direct labor efficlency varlance. Indicate whether each varlance Is favorable or unfavorable