Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. HT SY Direct materials (15 lbs. @ $4 per Direct labor (2 hrs. @ $15 per $60 - 30 During May the company incurred the following actual costs to produce 8,900 units. Direct materials (137,200 lbs. @ $3.80 per lb.) Direct labor (21,100 hrs. @ $15.10 per hr.), $521, 360 JA 318, 610 318,610 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 varances. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance.) Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost Required 2 > Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavora Actual Cost Standard Cost