Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ? Lucia Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (16 pounds @ $4 per pound)Direct labor (2 hours @ $14 per hour).During May the company incurred the following actual costs to produce 8,600 units.Direct materials (141,500 pounds @ $3.80 per pound)Direct labor (21,600 hours @ $14.10 per hour)AR Actual RateSR Standard RateAQ Actual Quantity:SQ Standard QuantityAP Actual PriceSP Standard Price$6428$ 537,700304,560(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.4 Required 1 Required 2Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)Standard CostActual CostSShow Transcribed TextRequired 1 Required 20$$0$Required03Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or nvariance. Round "Rate per hour answers to 2 decimal places.)Actual Cost$< Required 1cRequired 2 >$0Standard Cost

Name: Please Explain Proper Step by Step and Do Not Give Solution In Image F
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ? Lucia Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (16 pounds @ $