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Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. $12 per hr.) Actual 48,500 lbs. e $8.10 per lb. 15,700 hrs. & $16.50 per hr. $198,000 8,000 Exercise 21-10 Direct labor variances LO P2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. AH = Actual Hours SH - Standard Hours AR-Actual Rate SR Standard Rate Answer is not complete. Actual Cost AH AR AH X SR s 300.00 Standard Cost SH SR 0 X $ 0.00 15,700 X $ 0.50 16 X $ 7,850 $ 4,800 $ 3,050 $ 0 Direct labor officiency variance Direct materials price variance Direct labor efficiency variance $ 3,050 0 Unfavorable Favorable Unfavorable