Please do not give image format Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the direct materials price and quantity variances.Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.Actual CostRequired 1Required 2$Actual Cost0SComplete this question by entering your answers in the tabs below.$Show Transcribed Text0G$00Required 100Compute the direct labor rate variance and the direct labor efficiency variance.Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places.HersteStandard CostPearseStandard Cost Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3Lucia Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (14 pounds @ $4 per pound)Direct labor (3 hours @ $14 per hour)During May the company incurred the following actual costs to produce 8,000 units.Direct materials (115,200 pounds @ $3.80 per pound)Direct labor (28,500 hours @ $14.10 per hour)AR Actual RateSR Standard Rate=AQ Actual QuantitySQ=Standard QuantityAP Actual Price=SP Standard Price=$ 5642$ 437,760401,850(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.

Name: Please do not give image format Complete this question by entering you
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please do not give image format Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the direct materials price and quantity variances.Note: Indicate the effect of each variance by selecting favorable, unfavo