2. Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 5 points Direct materials (15 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $16 per hr.) $45 48 During May the company incurred the following actual costs to produce 8,200 units. eBook Direct materials (125, 500 lbs. @ $2.80 per lb.) Direct labor (28,900 hrs. @ $16.10 per hr.). $351,400 465, 299 Hint c Ask AH = Actual Hours SH - Standard Hours AR = Actual Rate SR = Standard Rate Print AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price References (1) Compute the direct materials price and quantity variances. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance 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 Standard Cost