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Chapter 21 Homework Saved Help 3 Exercise 21-11 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. 5.25 points Direct materials (14 lbs. $5 per lb.) Direct labor (2 hrs. $14 per hr.) $70 28 eBook Hint During May the company incurred the following actual costs to produce 8,400 units. Print Direct materials (119,600 lbs. @ $4.80 per lb.) Direct labor (21,800 hrs. $14.10 per hr.). $574, 080 307, 380 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 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.) Chapter 21 Homework i Saved Help Save & Exit SI Check my w 3 SQ = Standard Quantity AP = Actual Price SP = Standard Price 5.25 points (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.) eBook Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 0 Required Required 2 Chapter 21 Homework i Saved Help Save & Exit Submit Check my work 3 SQ = Standard Quantity AP = Actual Price SP = Standard Price 5.25 points (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.) eBook Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance favorable or unfavorable. Actual Cost Standard Cost $ $ D $ 0 0