Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures, Direct materials (15 lb.. $3 per 1b.) Direct labor (3 hrs. $15 per hr.) $45 45 During May the company incurred the following actual costs to produce 8,600 units. Direct materials (132,200 lbs. $2.80 per 1b.) Direct labor (29,900 hrs. $15.10 per hr.). $370, 160 451,490 AQ - Actual Quantity SQ = Standard Quantity AP Actual Price SP - Standard Price AH = Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate (1) Compute the direct materials price and quantity variances (2) Compute the direct lobor rote variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required 2 (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Standard Cost Actual Cost $ 0 $ 0 $ 0 0 Required Required 2 > (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfave Actual Cost Standard Cost $ $ 0 $ 0 0