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.) Direct labor (3 hrs. @ $15 per hr.) $60 45 During May the company incurred the following actual costs to produce 9,000 units Direct materials (138,000 lbs. @ $3.75 per lb.) Direct labor (31,000 hrs. $15.10 per hr.). $517,500 468,100 (1) Compute the direct materials price and quantity variances Actual Cost Standard Cost AQ AP AQ SP SQ SP