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. Actual Standard Direct materials Direct labor 49,700 lbs. @$7.10 per lb 16,000 hrs. @$16.50 per hr. $186,200 (6 lbs. $7 per lb.) (2 hrs. $16 per hr.) (2 hrs. $11 per hr.) Overhead Units manufactured 8,200 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