Question 2 (of 30 2.00 points Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. $4 per lb.) Direct labor (3 hrs. @$15 per hr.) 45 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 lbs. $3.75 per lb.) $517,500 468.100 Direct labor (31.000 hrs. $15.10 per hr.), (1) Compute the direct materials price and quantity variances. Actual Cost Standard Cost