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 (5 lbs. @ $7 per lb.) (3 hrs. $16 per hr.) (3 hrs. e $12 per hr.) Actual 40,000 lbs. @ $7.20 per lb. 23, 300 hrs. $16.40 per hr. $289,600 7.900 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