Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $4 per lb.) $60 Direct labor (3 hrs. @ $14 per hr.) 42 During May the company incurred the following actual costs to produce 8,700 units. Direct materials (132,900 lbs. @ $3.80 per lb.) $ 505,020 Direct labor (30,100 hrs. @ $14.10 per hr.). 424,410 Compute the direct materials price and quantity variances. Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable.