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Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and cost 6 pounds @ $8 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Actual Results 48,500 pounds @ $8.18 per pound 15,700 hours @ $16.50 per hour $ 198, 002 8,000 units Exercise 8-9 (Static) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price = Actual Cost Standard Cost $ 0 $ 0 $ 0 0 Actual Cost AQ $ 0. SQ $ 0 0 Actual Cost AP 100 SP 0 100 Direct labor efficiency variance Direct labor rate variance Direct materials price variance Direct materials quantity variance $ 0 0 Total direct materials variance Total variable overhead cost variance Variable overhead efficiency variance Variable overhead spending variance v $ 0 0 Total variable overhead cost variance Variable overhead efficiency variance Variable overhead spending variance Volume variance $ 0