Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (14 1bs. $4 per b. Direct labor (3 hrs. * $15 per hr.) $56 45 During May the company incurred the following actual costs to produce 8,500 units Direct materials (122,800 lbs. $3.80 per lb.)$466,640 Direct labor (29,900 hrs. $15.10 per hr. 451,490 AH- Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate AQActual Quantity SO Standard Quantity AP Actual Price SP-Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable