Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ 53 per lb.) Direct labor (4 hrs. $14 per hr.) 545 56 During May the company incurred the following actual costs to produce 8,400 units. Direct materials (128,300 lbs. @ $2.80 per 1b.) Direct labor (37,700 hrs. $14.10 per hr.). $399,240 531,570 AH = Actual Hours SH - Standard Hours AR - Actual Rate SR - Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP - Standard Price Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost AQ X AP AQ X SP SQ X SP X 0 X X S 0 $ 0 $ 0 Direct materials price variance Direct materials quantity variance Total direct materials variance 0 Recue 1 Required 2 > Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost AH X AR AH x SR SH SR X $ 0 $ $ 0 Direct labor rate variance Direct labor efficiency variance Total direct labor variance 0 (Required 1