A company reports the following for one of its products. Direct materials otandard (4 pound e $2 per pound) Actual direct materials uaed ( AO) Aetual units produced $8 per unit 360,000 pousds 76,000 units Actual cost of diroct materiala used $648,000 AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice Compute the direct materials price and quantity variances and identify each as favoreble or untavorable