Lucla Company has set the followng standard cost per unit for direct materlals and direct labor. Durting May the company incurred the following actual costs to produce 8,200 units. Direct materials (134, 800 pounds e $4, Be per pound) oirect labor (21,e0e hours e $14,1e per hour )AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP =StandardPrice (1) Compute the direct materials price and quantty variances. (2) Compute the direct labor rate variance and the direct labor efficiency vartance. Complete this question by entering your answers in the tabs below. Lucla Company has set the following standard cost per unit for drect materials and direct labor. Direct materials (16 pounds e $5 per pand) Direct labor (2 hours 314 per hour) 52889 During May the company Incurred the following actual costs to produce 8,200 units. Direct materials (134, see pounds e 54.80 per pound) Direct labor (21,6ee hours e $14.16 per hour) AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ=StandardQuantityAP=Actual Price SP= Standard Price (1) Compute the direct materlals price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficlency variance. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by select variance. Round "Rate per hour" answers to 2 decimal places.).