0 3 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 art 2013 int Direct materials Direct labor Overhead Units manufactured Standard 5 lbs. 58 per lb. 2 hrs. $16 per hr 2 hrs $11 per hr Actual 42,100 lbs $8.50 per lb 16, 20 hrs $16.60 per he. $287,600 8,300 01 00:40 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no varionce. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Standard Cost Actual Cost AO X X $ $ 0 S 0 Favorable 0