Hodge Co. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ $5 per lb.) Direct labor (3 hrs. @ $14 per hr.) SBO 42 During June, Hodge Co. incurred the following actual costs to produce 8,600 units. Direct materials (140,100 lbs. & $4.75 per 1b.) Direct labor (30,500 hrs. $14.15 per hr.). $665, 475 431,575 AH = Actual Hours SH - Standard Hours AR - Actual Rate SR = Standard Rate AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price 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 AQ SP SQ SP 0 $ 0 $ 0 Direct materials price variance 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 unfavorable Actual Cost Standard Cost AH AR AH SR SH X SR 0 $ 0 $ 0 $ 0 Direct labor rate variance Direct labor efficiency variance Total direct labor variance 0