Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. $5 per 16.) Direct labor (3 hrs. $15 per hr.) $75 45 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,000 lbs. $4.89 per 16. Direct laber (28.800 hrs. $15.1e per hr.). $614,400 434,880 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR Standard Rate AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP = Standard Price Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable, Standard Cost Actual Cost 0 $ 0 $ 0 $ O Required 2 >