Lucia Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (15 pounds @ $3 per pound)Direct labor (3 hours @ $15 per hour)$ 4545During May the company incurred the following actual costs to produce 8,500 units.Direct materials (131,000 pounds @ $2.80 per pound)Direct labor (29,300 hours @ $15.10 per hour)$ 366,800442,430AR = 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 materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavActual CostStandard CostRequired 1Required 2> Lucia Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (15 pounds @ $3 per pound)Direct labor (3 hours @ $15 per hour)$ 4545During May the company incurred the following actual costs to produce 8,500 units.Direct materials (131,000 pounds @ $2.80 per pound)Direct labor (29,300 hours @ $15.10 per hour)$ 366,800442,430AR = 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 selector no variance. Round "Rate per hour" answers to 2 decimal places.)Actual CostStandard Cost< Required 1Required 2 >

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 (15 pounds @ $3 per pound)Direct labor (3 hours @ $15 per hour)$ 4545During May the company incurred the following actual costs to prod