Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materiais (15 lbs. e $4 per lb.) Direct labor (2 hrs. $15 per hr.) S60 30 During May the company incurred the following actual costs to produce 8.500 units. Direct Saterials (129, 399 lbs. $3.80 per lb.) Direct labor (21,389 hrs. $15. 10 per hr.). 3493, 248 329, 180 AH = Actual Hours SH=Standard Hours AR = Actual Rate SR Standard Rate AQ = Actual Quantity SO - Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each varlance by selecting for favorable. unfavorable, and no varlance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance 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 materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Gest Standard Cost 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 variance is favorable or unfavorable. Actual Cost Standard Cost