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 (6 lbs. @ $7 per lb.) 52,600 lbs. 6 $7.10 per lb. Direct labor (2 hrs. a $15 per hr.) 17,000 hrs. a. $15.60 per hr. Overhead (2 hrs. 8 $13 per hr.) $232,200 Units manufactured 8,700 K Exercise 23-10 Direct labor variances LO P2 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efciency variance. Indicate whether each variance is favorable or unfavorable. 265,200 $265,170 $ 17,370 ' ' '5 _ Direct labor rate variance 265,170 Unfavorable Direct labor efciency variance 17,370 Total direct labor variance $ 5,000