Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. points Direct materials (15 lbs. @ $5 per $75 00:26-3 lb.) Direct labor (2 hrs. $15 per 30 eBook During May the company incurred the following actual costs to produce 8,800 Referenc units. $643,680 Direct materials (134, 100 lbs. $4.80 per lb.) Direct labor (21,600 hrs. $15.10 per hr.). 326,160 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, 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.) Complete this question by entering your answers in the tabs below. Requ... Requ... Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost $ 0 Required Required 2 > Direct materials 15 lbs. $5 per $75 b. 00:26:0 Direct labor 12 hrs. $15 per 30 eBook During May the company incurred the following actual costs to produce 8.800 units. Refren $543.580 Direct materials (134.100 lbs. $4.80 per lb.) Direct labor 121.600 hrs $15.10 per hr.). 326,160 AH - Actual Hours SH = Standard Hours AR = Actual Ratc 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, unfavorable, and no variance.) (2) Computer the direct labor inte variance and the direct inbor 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. Requ... Requ... Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Show less