! Required information [The following information applies to the questions displayed below. A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (7 lbs. @ $9 per lb.) (2 hrs. @ $17 per hr.) (2 hrs. @ $13 per hr.) Actual 60,000 lbs. @ $9.10 per lb. 16,700 hrs. @ $17.60 per hr. $226,900 8,500 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost