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.) (3 hrs. $15 per hr.) (3 hrs. @ $12 per hr.) Actual 58,600 lbs. @ $9.20 per lb. 24,700 hrs. @ $15.60 per hr. $304,000 8,300 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 $ 0 $ 0 $ 0 0