A company reports the following for one of its products.

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

Actual direct materials used $(AQ)$

Actual units produced

Actual cost of direct materials used

$$8$ per unit

$320,000$ pounds

$62,000$ units

$$560,000$

$AQ=$ 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 unfavorable.