Required information [The following information applies to the questions displayed below] A manufactured product has the following information for June Direct materiais Direct labor Overhead Unita manufactured Standard (6 lbs. 67 per lb.) (2 hrs. & 416 per hr.) (2 hrs. & 412 per hr.) Actual 49,700 lbs. 0 67.10 per lb. 16,000 hrs. @ $16.50 per hr. 4203, 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 Actual Cont AH X AR $ 16.50 AH 16,000 SR $ 16.00 Standard Cont SH X SR 8,200 X $ 16,00 $ 131200 16,000 X $ 264,000 X $ 256,000 $ 8,000 $ 124.800 Direct labor rate variance Direct labor efficiency variance Total dired labor variance $ 8,000 Unfavorable 124,800 Favorable $ 7.350 Unfavorable