4 A company reports the following tor one of its products. Direct materials standard ( 3 pounds \& $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ= Actual Quantity SQ= Standard Quantity AP = Actual Price SP= Standard Price $9 per unit 250,000 pounds 60,000 units $687,500 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable