Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. 55 per lb.) Direct labor (hrs 515 per hr.) $80 45 During May the company incurred the following actual costs to produce 8,900 units Direct materials (146, 100 lbs. 34.80 per lb.) Birect labor (29,00 hrs. $15.10 per hr.) $701,280 449, 980 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 (indicate the effect of each verlance 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 verlence by selecting for favorable, unfavorable, and no varlance. Round "Rate per hour answers to 2 decimal places.) (9) 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 materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Coat Required 2 >