6 Part 3 of 3 Required information [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. $8 per lb. 45,000 lbs. $8.10 per lb. Direct labor 3 hrs. @ $16 per hr. 21,900 hrs. $16.40 per hr. Overhead 3 hrs. $12 per hr. $272,400 Units manufactured 7,400 1.42 points eBook Hint 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.) AH = Actual Hours SH - Standard Hours AR = Actual Rate SR - Standard Rate Print D References Actual Cost Standard Cost AH X AR AH SR SH X SR $ 0 0 $ Unfavorable Favorable Unfavorable Total direct labor variance 8 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 1.42 points Direct materials (16 lbs. $4 per lb.) Direct labor (3 hrs. $15 per hr.) $64 45 During June the company incurred the following actual costs to produce 8,500 units. Book Direct materials (138,600 lbs. $3.70 per lb.) Direct labor (28,700 hrs. $15.10 per hr.). $512,820 433,370 Hint Print AH - Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate References 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.) Complete this question by entering your answers in the tabs below. Required Required 2 ramutatha dirast lahar rata variance and the direct lahar affirianru wariana Indicate whathar each variare le funrahlo or infurahia 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 Standard Cost AH X AR AH X SR SH X SR s 0 0 $ Variable overhead efficiency variance Direct materials price variance Total direct materials variance Unfavorable Unfavorable Unfavorable