Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures 3 Direct materials (16 lbs: $5 per lb.) Direct lobor (4 hrs. $15 per hr.) $80 60 12.5 points During May the company incurred the following actual costs to produce 8,700 units. Direct materials (142,300 lbs. 54.80 per lb.) Direct lobor (39,500 hrs. $15.10 per hr.) $683,040 596,450 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.) 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 125 points Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost Required 2 > 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 12.5 points Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost