Standard Standard Standard Standard costs: Quantity Price Cost Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $15 per hour) 15 $4.00 $60 3 $15.00 $45 During May the company incurred the following actual costs to produce 9,000 units. Actual Units 9,000 Actual Actual Actual Actual costs: Quantity Price Cost Direct materials (138,000 pounds @ $3.75 per pound) Direct labor (31,000 hours @ $15.10 per hour) 138,000 $3.75 $517,500 31,000 $15.10 468,100 AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Required: (1) Compute the direct materials price and quantity variances. (Use cells A4 to E11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost X Variance= Variance= Standard Cost x Price variance Quantity variance Total direct materials variance (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Use cells A4 to E11 from the given information to complete this question and Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost Rate variance Efficiency variance Total direct labor variance Variance x Variance =