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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 Ratee SR Standard Rate Actual Cost Standard Cost Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual Direct materials Direct labor Overhead Units manufactured (5 lbs. $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. e s 41,900 lbs.$8.20 per lb 16,300 hrs.$16.40 per hr. $205,500 12 per hr.) 8,300 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost