17)

A manufactured product has the following information for June.

	Standard	Actual
Direct materials	(7 lbs. @ $9 per lb.)		60,000	lbs. @ $9.10 per lb.
Direct labor	(3 hrs. @ $16 per hr.)		25,300	hrs. @ $16.40 per hr.
Overhead	(3 hrs. @ $12 per hr.)	$	311,100
Units manufactured			8,500

Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable.