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. @ $7 per lb.) (2 hrs. $16 per hr.) (2 hrs. @ $13 per hr.) Actual 39,400 lbs. @ $7.20 per lb. 15,300 hrs. @ $16.60 per hr. $209,100 7,800 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. Standard Cost Actual Cost