Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Required 1 Required 2 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds $3.75 per pound) ; 517,500 Direct labor (31,000 hours a $15.10 per hour! 468,100 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)