Lucia Company has set the following standard cost per unit for direct materials and direct...
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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(15pounds@$5perpound).Directlabor(3hourse$15perhour)$7545 During May the company incurred the following actual costs to produce 8,400 units. Direct materiats (128,300 pounds $4.80 per pound) $615,840 Direct labor (29,600 hours \& $15.10 per hour) 446,960 AR = Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP = Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance, Complete this question by entering your answers in the tabs below. Compute 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
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