Please Fill both tables. Lucia Company has set the following standard cost per...
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Accounting
Please Fill both tables.
Lucia Company has set the following standard cost per unit for direct materials and direct labor. $ 64 Direct materials (16 pounds @ $4 per pound) Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,600 units. Direct materials (141,400 pounds @ $3.80 per pound) $ 537,320 459,040 Direct labor (30,400 hours @ $15.10 per hour) 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, c Actual Cost Standard Cost Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favo variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Standard Cost
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