Saved EW Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct material (25 lbs. 843 per 15.) Direct Inbor hrs. 8 616 per hr.) 345 40 During May the company incurred the following actual costs to produce 8,400 units Direct material 120,000 $2.00 per lo Direct labor (20,000 ha. @ $16.10 per he.. $360,640 463,600 AH = Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate ces AQ - Actual Quantity SQ-Standard Quantity AP Actual Price SP Standard Price (1) Compute the direct materials price and quantity Variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rote per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Red Mequired Compute the direct materials pace and quantity variances Indicate whether each variances favorable or unfavorable Coo Standard Con $