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7 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 1.42 points Direct materials (14 lbs. $4 per 1b.) Direct labor (4 hrs. $15 per hr.) $56 60 During May the company incurred the following actual costs to produce 8,100 units. eBook Direct materials (115,600 lbs. $3.80 per lb.) Direct labor (35,500 hrs. $15.10 per hr.). $439,280 536,050 Hint Print ne References AH - Actual Hours SH - Standard Hours AR - Actual Rate SR - 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 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