Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactudes 1 5) Direct materials (141 Direct Labor ( 515 ) During May the company incurred the following actual costs to produce 8.400 units $15.72 Direct materials (119.90 Direct labor (3.20 $2.50 per lb.) 15.per hr.). 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. Required: Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cost 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. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost AQ X SP $ 0 Direct materiais price variance Direct materials quantity variance Total direct materials variance of Required 2 > Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable o Actual Cost Standard Cost AR Direct laborate variance Direct labor efficiency variance Total direct labor variance sol of Required 1 Required