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 Standard 6 lbs. @$7 per lb. Direct labor 3 hrs. $17 per hr. Overhead 3 hrs. $13 per hr. Units manufactured Actual 51,500 lbs. $7.10 per 1b. 25,300 hrs. @ $17.50 per hr... $337,400 8,500 Help Save & Exit S 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