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 6 lbs. @ $8 per lb. 3 hrs. @ $16 per hr. 3 hrs. @ $13 per hr. Actual 43,600 lbs. @ $8.10 per lb. 21,300 hrs. @ $16.40 per hr. $286,700 7,200 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost AH SH AH 21.300 AR $ 16.40 SR $ 16.00 SR $ 16.00 21,300 $ 349,320 $ 340,800 $ 8,520 $ 0 Direct labor rate variance Direct labor efficiency variance Total direct labor variance $ 8,520 0 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 6 lbs. @ $8 per lb. 3 hrs. @ $16 per hr. 3 hrs. @ $13 per hr. Actual 43,600 lbs. @ $8.10 per lb. 21,300 hrs. @ $16.40 per hr. $286,700 7,200 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AP SQ X SP AQ 43,600 AQ 43,600 SP $ 8.00 X $ 8.10 X 6 $ 8.00 $ 353,160 $ 348,800 $ 48 $ 4,360 $ 348,752 Direct materials price variance Direct materials quantity variance Total direct materials variance $ 4,360 348,752