A cconpany reports the following for one of its products.:

Direct materials standard $(4$ pounds @ $$2$ per pound$)$ $$8$ per unit.

Actual direct materials used $300,000$ pounds

Actual Units produced $60,000$ units.

Actual cost of direct materials used $$540,000.$

AQ$=$ Actual Quantity

SQ $=$ Standard Quantity

AP $=$ Actual Price

SP$=$ Standard Price

Compute the direct materials price and quantity variances and identify each as favorable or unfaavorable.