Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. $3 per 15.) Direct labor (3 hrs. e $15 per hr.) $42 45 Sk During May the company incurred the following actual costs to produce 8,600 units. ht Direct materials (122,800 lbs. 4 $2.80 per 1b.) Direct labor (29,000 hes. $15.10 per hr.). $343,840 437.900 ences 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 variance by selecting for favorable. (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 ME GE ( Bigay 17 of 18 Next > 7 SQ = Standard Quantity AP = Actual Price SP = Standard Price (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.) Book Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost 0 $ 0 $ 0 AQ so $ Required 2 > MocBook Air AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorat unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by 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 unfavor Actual Cost Standard Cost $ 0 $ 0 $ 0 0