1 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 10 points Direct materials (16 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $15 per hr.) $80 45 eBook During May the company incurred the following actual costs to produce 8,900 units. Hint Print Direct materials (146,200 lbs. @ $4.80 per lb.) Direct labor (30,600 hrs. @ $15.10 per hr.). $701,760 462,060 References AH = Actual Hours SH Standard Hours AR SR = = Actual Rate Standard Rate AQ Actual Quantity SQ Standard Quantity AP = Actual Price SP=Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost AQ X AP 146,200 X $ 4.80 $ 701,760 $ 29,240 AQ X SP 146,200 $ 5.00 $ 731,000 $ 29,240 0 0 Standard Cost SQ X SP X $ 5.00 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost $ 0 $ 0 0 0 Required 1 Required 2 Standard Cost