Hutto Corp has set the following standard direct materials and direct labor costs per un for the product it manufactures, Direct materials (16 s. 54 per Ib.) Direct labor (4 hrs. 516 per hr.) 564 64 During May the company incurred the following actual costs to produce 8.400 units Direct materials (137,300 10.$3.00 per 30.) Direct labor (36,700 hrs. 116.10 per hr). 5571,140 590,670 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 vorinrices. 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 ethiciency variance Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rete per hour answers to 2 decimal places) Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the direct materials price and quantity variances Indicate whether each variance Is favorable or unfavorable Actual Cou Standard Cost AD AP AD SO SP 137 300 100 137.300 3400 134.300 S400 5.521.700 $ 509 200 5 537200 5:27450 $ 12.000 Directions pnce Varance Direct materials in ce To remate vanne 27.460 2000 Required 2 > 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 varlance is favorable or unfavorable Actual con Standard Cast 5 0 5 $ 0 0