Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. During May the company incurred the following actual costs to produce 8,400 units. 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.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by se for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) \begin{tabular}{|l|l} \hline Required 1 & Required 2 \\ \hline \end{tabular} Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. 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 unfaver Required 1