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 (6 lbs. @ $7 per lb.) (2 hrs. @ $17 per hr. (2 hrs. @ $12 per hr.) Actual 49,700 lbs. @ $7.20 per lb. 16,100 hrs. @ $17.50 per hr $203,700 8,200 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 Actual Cost Standard Cost