Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Direct materials Direct labor 5 pounds $8 per pound 3 DLH $15 per DLH Overhead 3 DLH $11 per DLH Units manufactured $ 280,600 Actual Results 41,900 pounds $8.20 per pound 24,500 hours @ $15.40 per hour 8,300 units Exercise 8-10 (Algo) Direct labor variances LO P3 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or 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