Exercise 21-11 Direct materials and direct labor varlances LO P3 Hutto Corp. hes set the following standard direct materials and direct labor costs per unit for the product it menufectures. Direct materials (15 lbs. $5 per 16.) Direct labor (hrs. @ 516 per hr.) $75 48 During May the company incurred the following actual costs to produce 3.500 units. Direct materials (138,228 lbs. @ $4.88 per lb.) Direct labor (29,200 hrs. @ $16.18 per hr.). $624,960 478,128 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, unfavorable, and no variance.) (2) Compute the direct labor rete 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.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Coat Standard Coat Required 1 Required 2 > 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 Coat Standard Cost