Required information Use the following information for the Exercises below. [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 7 lbs. $9 per lb. 2 hrs. e $17 per hr. 2 hrs. $12 per hr. Actual 50,200 lbs. $9.20 per lb. 13,800 hrs. e $17.50 per hr. $176,500 7.100 Exercise 21-10 Direct labor variances LO P3 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 Direct materials Direct labor Overhead Units manufactured 108. per LD. 2 hrs. $17 per hr. 2 hrs. $12 per hr. 30, LVU .DB..20 per D. 13,800 hrs. $17.50 per hr. $176,500 7.100 Exercise 21-10 Direct labor variances LO P3 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 Standard Cost Actual Cost