Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (16 lbs. 9 54 per 15.) Direct labor (4 hrs. @ 514 per hr.) $64 56 247 During May the company incurred the following actual costs to produce 8,600 units. Direct materials (148,880 lbs. @ $3.89 per 15:) Direct labor (37,60 hes. $14.10 per hr.). $535,040 530,160 4 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 varlances. (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 selecting for favornblo unfavorable and no verince Round "Rote per hour answers to 2 decimal places! (1) Compute the direct materials price and quarthy 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 selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materiais price and quantity variances, indicate whether each variance in favorable or unfavorable, Accou Standard Cost Rod Required 2 > (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 selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) 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 variance is favorable or unfavorablu, Actual Cost Standard Cont