Exercise 21-11 Direct materials and direct labor variances LO P3 Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. 55 per lb.) Direct labor (hrs. $16 per hr.) 580 64 During May the company incurred the following actual costs to produce 8,100 units Direct materials (131,700 16.50.00 per 10) Direct labor (36,00 hrs. $16.10 per hr.). 5632,160 592,400 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, unfovorable, and no voronce.) (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 "Rote per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. & Prov 3 of 4 Next >