Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. $3 per lb.) Direct labor (3 hrs. $15 per hr.) $48 45 During May the company incurred the following actual costs to produce 8,300 units Direct materials (136,200 lbs. $2.80 per lb.) Direct labor (29,000 hrs. $15.10 per hr.). $381,360 437,900