Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $16 per hr.) $45 48 During May the company incurred the following actual costs to produce 8,200 units. Direct materials (126,700 lbs. @ $2.80 per lb.) Direct labor (28,600 hrs. @ $16.10 per hr.). $354,760 460,460 AH = Actual Hours SH Standard Hours AR = Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price