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Reed Corp. has set the following standard direct materials and direct labor costs per unlt for the product It manufactures, 548 64 Direct materiale (16.3 per lh.) Diret laboral per hr.) During June the company incurred the following actual costs to produce 8,200 units. Direct materials (133,200 lbs. 32.80 per lb.) Direct Labor (5.900 h. 26.10 per hr.). $372.960 572.990 AH - Actual Hours SH - Standard Hours AR Actual Rate SR Standard Rate AQ - Actual Quantity SO = 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 efficiency variance, (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no variance.) Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Standard Cout Actu Coat Required 2 > Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost