Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Direct materials Direct labor Overhead Units manufactured AH = Actual Hours SH = Standard Hours AR = Actual Rate Actual 38,000 lbs. @ $8.20 per lb. 22,200 hrs. @ $17.40 per hr. (5 lbs. @$8 per lb.) (3 hrs. @ $17 per hr.) (3 hrs. $11 per hr.) $253,500 7,500 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