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 7 lbs. @ $8 per lb. 3 hrs. @ $17 per hr. 3 hrs. @ $13 per hr. Actual 52,300 lbs. @ $8.20 per lb. 21,800 hrs. @ $17.40 per hr. $294,200 7,400 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 varlance by selecting for favorable, unfavorable, and no varlance. 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