Saved Reed Corp. has set the following standard direct materials and direct labor costs p Direct materials (16 lbs. $5 per lb.) Direct labor (2 hrs. @ $15 per hr.) $80 30 During June the company incurred the following actual costs to produce 8,500 units Direct materials (138,500 lbs. @ $4.80 per lb.) Direct labor (20,600 hrs. e $15.10 per hr.). $664,800 311,060 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 eac unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indic for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below.