7 Required information [The following information applies to the questions displayed below.] Part 3 of 3 A manufactured product has the following information for June. Direct materials 10 points Direct labor Overhead 6 lbs. 2 hrs. 2 hrs. Standard $7 per lb. $17 per hr. $13 per hr. Actual 50,900 lbs. $7.10 per lb. 16,400 hrs. @$17.50 per hr. $224,400 Units manufactured 8,400 eBook 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.) Actual Hours Hint AH SH = Standard Hours AR = Actual Rate Print SR Standard Rate References Actual Cost Standard Cost