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Exercise 21-11 Direct materials and direct labor variances LO P3 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product It manufactures. Direct materials (15 lbs. 53 per lb.) Oirect labor (3 hrs. $15 per hr.) 545 45 During May the company incurred the following actual costs to produce 8,800 units Direct materials (134,200 lbs @ $2.80 per 1b.) Direct labor (30,800 hrs. e $15.10 per hr $375,760 465,080 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 verience 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 varlance 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 0 Required 2 > y Compute the direct materials price and quantity variances, (Indicate the effect of each varlance by selecting for favorable, infavorable, and no variance.) 2y Compute the direct labor tate variance and the direct labor efficiency variance (Indicate the effect of each varlence by select For tavorable, unfavorable, and no varlance. Round Rote per hour answers to 2 decimal places.) complete this question by entering your answers in the tabs below: Required Ralquired 2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance favorable or unfavorable ActualCost Standard Cost 3 0