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. @ $16 per hr.) (2 hrs. @ $12 per hr.) Actual 52,300 lbs. @ $7.20 per lb. 14,500 hrs. @ $16.40 per hr. $182,700 7,400 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