Required information [The following information applies to the questions displayed below) A manufactured product has the following information for June Actual 53,000 lbs. $8.20 per lb. 22,3ee hrs. $16.40 per hr $299,200 Standard 7 lbs. 58 per 1b. 3 hrs. 516 per hr. 3 hrs. 513 per hr. Direct materials Direct labor Overhead Units manufactured 7,5ee 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 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 Standard Cost Actual Cost $ 0 $ 0 $ 0