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 15 $7 per lb.) 12 hrs $16 per hr.) 12 hrs. $12 perh.) Actual 40, 400 lbs. $7.10 per lb. 15,800 hrs $16.50 per hr. $198.000 8,000 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