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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 (16 lbs. @ $4 per lb.) Direct labor (2 hrs. @ $15 per hr.) $64 30 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,600 lbs. @ $3.80 per lb.) Direct labor (20,800 hrs. @ $15.10 per hr.). $500,080 314,080 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 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.) 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 Cost Standard Cost AQ X AP X SP SQ SP AQ 131,600 131,600 $ 3.80 $ 4.00 $ 500,080 $ 526,400 $ 26,320 $ 0 Direct materials price variance $ 26,320 0 Direct materials quantity variance Total direct materials variance Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or Actual Cost Standard Cost $ 0 $ 0 $ 0 Direct materials price variance Direct materials quantity variance Total direct materials variance 0