Reed Corp. has set the following standerd direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ 54 per lb.) Direct labor (3 hrs. 515 per hr.) $be 45 During June the company incurred the following actual costs to produce 3.100 units. Direct materials (124,388 lbs. $3.75 per lb.) Direct labor (29,00 hrs. $15.15 per hr.). $466,125 424,220 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 materiels price and quantity veriences. (Indicate the effect of each variance by selecting for favorable. unfavorable, and no variance.) (2) Compute the direct isborrate variance and the direct labor efficiency variance. (Indicate the effect of each variance 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 Cost Standard Coat 0 S $ RU Required 2 > Reed Corp. has set the following standard direct materials and direct Isbor costs per unit for the product it manufactures Direct materials (15 lbs. 34 per lb.) Direct labor (3 hrs. @ 515 per hr.) $60 45 During June the company incurred the following actual costs to produce 8.100 units. Direct materials (124,380 lbs. $3.75 per 1b.) Direct labor (28,8 hrs. $15.15 per hr.). $466,125 424,20e 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 variances. (Indicate the effect of each variance by selecting for favorable. unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Standard Cost Actual Cost 0 S 0 S 0 $