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 Standard Actual Direct materials 5 lbs. @ $8 per lb. 44,400 lbs. @ $8.20 per lb. Direct labor 2 hrs. @ $16 per hr. 17,400 hrs. @ $16.50 per hr. Overhead 2 hrs. @ $11 per hr. $198,800 Units manufactured 8,800 Exercise 21-9 Direct materials variances LO P3 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 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. Standard Actual Direct materials 5 lbs. @ $8 per lb. 44,400 lbs. $8.20 per lb. Direct labor 2 hrs. $16 per hr. 17,400 hrs. @ $16.50 per hr. Overhead 2 hrs. $11 per hr. $198,800 Units manufactured 8,800 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