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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

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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 (15 lbs. @ 54 per 16.) Direct labor (3 hrs. 516 per hr 560 48 During May the company incurred the following actual costs to produce 8.900 units. Direct materials (136,000 lbs. $3.80 per lb.) Direct labor (30,800 hrs. 516.10 per hr.) $516,800 495,50 AH Actual Hours SH - Standard Hours AR Actual Rate SR Standard Rate AQ - Actual Quantity SQ Standard Quantity AP - Actual Price SP Standard Price Complete this question by entering your answers in the tabs below. Hoquired 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable Standard Cost Actual cos Required 2 > Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable Standard Cost Actual Cost

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