utto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $3 per lb.) Direct labor (4 hrs. $15 per hr.) uring May the company incurred the following actual costs to produce 8,700 units. Direct materials (134,000 lbs. $2.80 per lb.) Direct labor (39,500 hrs. $15.10 per hr.). $375,200 596,450 Q-Actual Quantity Q - Standard Quantity P- Actual Price P Standard Price H-Actual Hours H - Standard Hours R - Actual Rate R - Standard Rate ) Compute the direct materials price and quantity variances 2) Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or nfavorable Complete this question by entering your answers in the tabs below. Check my wo SR = Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Actual Cost Standard Cost AQ AP SO Required 2 > xible Budgets and Standard Costs Saved Help Save & Exit Subm Check my work SR - Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether Actual Cost Standard Cost ( Required 1