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Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. During June the company incurred the following actual costs to produce 8.000 units. AH= Actual Hours SH= Standard Hours AR= Actual Rote SR= Standard Rate AQ=Actual Quantity SQ= Stondord Quontity AP= Actual Price SP= Standord Price (1) Compute the direct materiols price ond cuontity vorionces, (indicate the effect of each varience by selecting for favorable. unfovorable, and no veriance.) 1) Compute the direct materials price and quantity variances. (indicate the effect of ench varionce by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labot rate variance and the direct labor efficiency variance. (indicate the effect of ench variance by selecting for favorable, unfevorable, and no varience.) Complete this question by entering vour answers in the tabs below. Compute the direct materials price and quantity variances. Indicate whether oach vaitance is favorable or unfavorable, infavorable, and no variance.) 2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting or favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below