Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. Sa per tb.) Direct labor 3 hrs. 516 per hr.) $64 48 During May the company incurred the following actual costs to produce 8.600 units. Direct materials (141,180 ths. 53.00 per t..) Direct labor (29,600 hrs. 116.10 per hr.). 5536,940 476,568 AH - Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate AG 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 "Rute 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 tevorable or unfavorable Actual $ 0 0 Red> Complete this question by entering your answers in the tabs below. Required 1 Rquired 2 Compute the direct laborate variance and the direct laboreidene variance Indicate whether each vartence as favorable or unfavorable 5 0