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Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Help Direct materials (16 lbs. @ $5 per 1b.) Direct labor (4 hrs. @ 514 per her) $80 56 During May the company incurred the following actual costs to produce 8.700 units Direct materials (141,500 lbs. 54.5 per 1b. ) Direct labor (39,000 hrs. $14.10 per hr.). $679,200 549,900 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 laboreticlency variance (Indicate the effect of each varionce 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 2 Required 1 Standard Cost Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable, Actual Cost Required 2) 1 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Standard Cost Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favora Actual Cost 0 0 S 0 Required 1