Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $4 per lb.) $60 Direct labor (3 hrs. @ $15 per hr.) $45 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 lbs. @ $3.75 per lb.) $517,500 Direct labor (31,000 hrs. @ $15.10 per hr.) $468,100 Compute the (1) direct materials price and quantity variances and (2) direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable