6 QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products. 14.28 points 01:51:52 Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $ 9 per unit 250,000 pounds 60,000 units $ 687,500 Skipped AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price eBook Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Hint Actual Cost Standard Cost Print 0 $ $ 0 References $ 0 0