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 lb.) Direct labor (3 hrs. $14 per hr.) During May the company incurred the following actual costs to produce 8.400 units. Direct materials (128,900 lbs. $4.80 per lb.) Direct labor (30,000 hrs. $14.10 per hr.). $618,720 423,000 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 $ 0 Required 2 > Required 1 Required) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost ( Required 1