A company reports the following for one of its products. Direct materials standard (4 pounds @ \\$3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used \\( A Q= \\) Actual Quantity \\( \\mathrm{SQ}= \\) Standard Quantity \\( \\mathrm{AP}= \\) Actual Price \\( \\mathrm{SP}= \\) Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. A company reports the following for one of its products. Direct materials standard (4 pounds @ \\$3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used \\( A Q= \\) Actual Quantity \\( \\mathrm{SQ}= \\) Standard Quantity \\( \\mathrm{AP}= \\) Actual Price \\( \\mathrm{SP}= \\) Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable