Required information [The following information applies to the questions displayed below A manufactured product has the following information for June. Standard Actual 51,500 lbs. $9.28 per 1b. 21,700 hrs. $15.50 per hr. (7 1bs. s9 per Ib.) Direct materials Direct labor Overhead Units manufactured hrs. 515 per h)526,00 (3 hrs. $11 per hr. $246,600 7,300 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate Standard Cost Actual Cost