8 Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether cach variance is favorable or unfavorable. Actual units produced 18, 980 pounds 4, 540 units Actual cost of direct materials used $ 512,460 Direct sterilis standard (4 pounds @ $75 per pound) 01:19.01 $ 103 per unit AQ -Actual Quantity SQ = Standard Quantity AP - Actual Price SPStandard Price Note: Indicate the effect of the variance by selecting favorable. unfavorable, or no variance. Standard Cost Actual Cost