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Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $3 per lb.) $45 Direct labor (3 hrs. @ $15 per hr.) 45 During June the company incurred the following actual costs to produce 8,100 units. Direct materials (123,700 lbs. @ $2.70 per lb.) $333,990 Direct labor (27,800 hrs. @ $15.15 per hr.). 421,170 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate A0 = 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 efciency 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 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2