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Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials [14 lbs. $5 per 16.) Direct labor (2 hrs. $15 per hr.) $70 30 During May the company incurred the following actual costs to produce 8.900 units Direct materials (128,400 lbs. $4.80 per 1b.) Direct labor (21,000 hrs. $15.10 per hr.). 5616,320 317,100 AH - Actual Hours SH = Standard Hours ARActual 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 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 "Rate per hour answers to 2 decimal places.) Required 1 Required 2 Compute the direct materiais price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost 0 $ 0 Required 2 > 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 $ D 0 s 0 0

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