7 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 42 bolnts Direct materials (16 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $14 per hr.) $80 42 During May the company incurred the following actual costs to produce 8,500 units. eBook Direct materials (138,400 lbs. @ $4.80 per lb.) Direct labor (30,300 hrs. @ $14.18 per hr.). $664,320 427,230 Hint AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Print References AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity varlances. (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 varlance. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance. Round "Rate per hour" answers to 2 declmal 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 0 S 0 S 0 S 0 O Re Required 2 > MC Groom FM BB