Tercer reports the following for one of its products. Direct materials standard 14 Ib. 13 per lb. Atual direct materials used (M) Actual tinished its produced Attual cost of direct materials used per finished unit 300.000 lbs 60.000 units $540,000 AQ Actual Quantity SQ - Standard Quantity AP Actual Price SP - Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance Answer is complete but not entirely correct. Standard Cost Actual Cost AO SP SO AQ SP AP 0 ols X 300,000 $ 2.00 300.000 240.000 $ 200 x 0.00 10 $ 480.000 5 $ 500.000 $ 599,999 $ 120.000 Dracterial price ranco Direct material quantity variance Total direct materiais variance 599 999 Favorable 120,000 Unfavorable 560.000 Unfavorable QS 23-11 Direct labor variances LO P3 The following information describes a company's direct labor usage in a recent period. hetual direct labor hours used (A) Actual direct labor rate per hour (AR) Standard direct labor rate per hour (SR) Standard direct labor hours for units produced (58) 65,000 5 15 $ 14 67,000 AH-Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances for the period and classify each as favorable, unfavorable or no variance Answer is complete but not entirely correct. Standard cost * Actual Cost AH 85.000 $ 975.000 AR $ 1500 AH 65.000 SR $ 14.00 SH 57.000 SR $ 1400 $ 910.000 $938.000 $28.000 $ 65,000 Direct laborate variance Direct laboreiciency variance Total direct labor variance $ 65,000 Unfavorable 28.000 Favorable $ 93.000 Unfavorable