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 Direct labor Overhead Units manufactured Standard (6 lbs. $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. $12 per hr.) Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. $16.50 per hr. $198,000 8,000 Exercise 21-10 Direct labor variances LO P2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable AH = Actual Hours SH - Standard Hours AR= Actual Rate SR = Standard Rate Actual Cost Standard Cost $ 0 $ 0 $ 0 0