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. $9 per lb.) (2 hrs. $16 per hr.) (2 hrs. @ $12 per hr.) Actual 44,000 lbs. $9.20 per lb. 17,000 hrs. $16.40 per hr. $214,100 8,700 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 $