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Exercise 08-11 Direct materials and direct labor variances LO P3 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. 53 per 16.) Direct labor (3 hrs. @ $15 per hr.) $45 45 During May the company incurred the following actual costs to produce 8,900 units. Direct materials (137,500 lbs. $2.80 per 16.) Direct labor (30,300 hes. $15.10 per hr.). $385,000 457,530 AH Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate 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 onch varlonce by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct laboreiciency varionco (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost Required Required 2 > 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 each variance is favorable or unfavorable Actual Cost Standard Cost