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. Direct materials Standard Quantity and Cost 7 pounds $8 per pound Direct labor 3 DLH $16 per DLH Overhead 3 DLH $11 per DL Units manufactured Actual Results 54,400 pounds $8.20 per pound 22,800 hours $16.40 per hour 7,700 units $ 260,500 Exercise 23-10 (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