Check my work 4 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. $4 per lb.) Direct labor (2 hrs. $15 per hr.) $56 30 points During May the company incurred the following actual costs to produce 8,400 units. eBook Hint Direct materials (121,400 lbs. $3.80 per lb.) Direct labor (20,600 hrs $15.10 per hr.) $461,320 311,060 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. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable Answer is not complete Complete this question by entering your answers in the tabs below Required1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable Actual Cost Standard Cost AP 3.80 SP SP 21,400x 21,400x 31,920 x 4.00 461,320 485,600 127,680 24,280 357,920 Direct materials price variance Direct materials quantity variance Total direct materials variance $ 24,280 Favorable 357,920 Unfavorable Favorable Required 1 Required 2> Answer is not complete. 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 AHx AR SR AH SR $ 0