Variance analysis 10 points 1 Skipped Saved Help Save & Exit Submit Check my work Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $16 per hr.) $48 32 During May the company incurred the following actual costs to produce 8,000 units. eBook Direct materials (131,100 lbs. @ $2.80 per lb.) Direct labor (20,300 hrs. @ $16.10 per hr.). $367,080 326,830 Hint Print AH Actual Hours References 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.) 10 1 points Return to question (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.) Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost AQ X AP x 0 AQ X SP X SQ x SP x Direct materials price variance Direct materials quantity variance Total direct materials variance $ 0 $ 0 $ 0 Favorable 0 Unfavorable Favorable Required 1 Required 2 > 10 1 Answer is not complete. Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Return to question Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavc Actual Cost AH x AR X 0 AH x SR X 0 Standard Cost SH SR Direct labor rate variance S 0 Unfavorable Direct materials quantity variance Total direct labor variance 0 Unfavorable Unfavorable Required 1 Required 2 > X