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.) (3 hrs. @ $15 per hr.) (3 hrs. $12 per hr.) Actual 58,600 lbs. 57.10 per lb. 24,600 hrs. @ $15.50 per hr. $384,100 8,300 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