Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (16 lbs. @ $3 per lb.) Direct labor (hrs. @ $15 per hr.) $48 45 During May the company incurred the following actual costs to produce 8,600 units Direct materials (141,600 lbs. @ $2.89 per 1b.) Direct labor (30, 600 hrs. $15.10 per hr.). $396, 480 462,260 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, (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable 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 effidency variance. Indicate whether each variance is fav Standard Cost Actual Cost $ 0 0 S 0 0