The following Information describos production activitles of Prichard Manufacturing Company for the year Actual direct materials used Actual direct labor used Actual units produced 380.000 1bs. for a total of $779,000 63,000 hours for a total of $s07.150 128,800 Budgoted standards for each unit produced are 3 pounds of direct material at $200 per pound and 0.5 hours of direct labor at $8.00 per hour AQ Actual Quantity SQ-Standard Quantity AP Actual Price SP-Standard Price AH=Actual Hours SH Standard Hours AR=Actual Rate SR Standard Rate (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate and efficiency variances. Indicate whether esch variance is favorable or unfavorable Complete this question by entering your answers in the tabs below Required t Required 2 Compute the direct materials price and cuantity varances Standard Cost Actual Cost 0 S 1o 2 Next Budgeted standards for each unit produced are 3 pound: of direct materlal at $2.00 per pound and 05 hours of direct labor at $8.00 per hour AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH-Standard Hours AR =Actual Rate SR Standard Rate (1) Compute the direct materlals price and quantity varlances. (2) Compute the direct labor rate and efficiency varlances. Indicate whether each varlance is favorable or unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. Standard Cost Actual Cost $ KRequired 1