O Required information [The following information applies to the questions displayed below) A manufactured product has the following information for June. Standard Actual Direct materials 5 lbs. 57 per lb. 53,900 lbs. $7.20 per lb. Direct labor 2 hrs. $17 per hr 17,500 hrs. 517.50 per hr. Overhead 2 hrs. 511 per hr $201,600 Units manufactured 8,900 Compute the direct loborrate variance and the direct labor efficiency variance. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) AH Actual Hours SH Standard Hours AR-Actual Rate SR Standard Rate Actual Cost Standard Cat 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.) AH = Actual Hours SH - Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost 0 5 0