11.11 6 points A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ Actual Quantity SQ Standard Quantity eBook AP Actual Price SP Hint Print References $ 12 per unit 370,000 pounds 75,000 units $ 999,000 Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost x x x x Standard Cost x x