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 Unita manufactured Standard (6 lbs. & 67 per lb.) (2 hrs. @ 416 per hr.) (2 hra. @ 512 per hr.) Actual 49, 700 lbs. 267.10 per lb. 16,000 hrs. @ 616.50 per br. 0203, 600 8, 200 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 Answer is not complete. Actual Cost AH X AH X SH AR IS 16.50 SR $ 16.00 Standard Cost X SRC $ x 16.00 16,000 X 16,000 X IS 264,000 5 256,000 S8,000 $ 0 Direct labor rate variance Dired labor efficiency variance Total direct labor variance solo $8,000 Unfavorable 0 Favorable $7,350 $ Unfavorable olo