Check AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price AH = Actual Hours SH - Standard Hours AR = Actual Rate 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 Exercise 8-11 Direct materials and direct labor variances LO P2 2.77 Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufa points Direct materials (15 lbs. @ $4 per lb.) $60 Direct labor (3 hrs. @ $15 per hr.) 45 eBook During May the company incurred the following actual costs to produce 9,000 units. Hint 517.500 Direct materials (138,000 lbs. @ $3.75 per 1b.) Direct labor (31,000 hrs. @ $15.10 per hr.). Print 468, 100 References AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP = Standard Price AH - Actual Hours SH - Standard Hours AR = Actual Rate 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 unfavorable