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. @ $7 per lb.) (2 hrs. @ $17 per hr.) (2 hrs. @ $11 per hr.) Actual 50,200 lbs. @ $7.20 per lb. 14,000 hrs. @ $17.60 per hr. $163,000 7,100 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