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. @ $8 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. @ $13 per hr.) Actual 41,500 lbs. @ $8.20 per lb. 16,000 hrs. @ $16.60 per hr. $219,100 8,200 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 01