Direct materials Direct labor Overhead Units manufactured Standard 5 lbs. @ $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. Actual 40, 400 lbs. @ $8.18 per lb. 23,600 hrs. @ $15.50 per hr. $293,800 8,000 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 Actual Cost Standard Cost