Lucia 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 8,200 units.Direct materials (117,700 pounds @ $3.80 per pound)Direct labor (29,400 hours @ $14.10 per hour)AR Actual RateSR Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP Standard Price(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.Required 1 Required 2Complete this question by entering your answers in the tabs below.Actual CostCompute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variarAR Actual RateSR Standard RateDirect materials (117, 700 pounas @ 5.00 per pouna)Direct labor (29,400 hours @ $14.10 per hour)AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price$Required 1 Required 20Actual Cost$ 5642$ 447,260414,540(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.$0$00$→ 441, 200414,540Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variar0$Standard Cost0Standard Cost Direct materials (117,700 pounds @ $3.80 per pound)Direct labor (29,400 hours @ $14.10 per hour)AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavariance. Round "Rate per hour" answers to 2 decimal places.)Actual CostGA0$ 447,260414,540GA00Required 1$0Required 2 >Standard Cost

Name: Lucia Company has set the following standard cost per unit for direct
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Lucia 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,