A company reports the following for one of its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ Actual Quantity SQ Standard Quantity AP = Actual Price SP=Standard Price $ 9 per unit 250,000 pounds 60,000 units $ 687,500 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost x x 0 0 $ 0 0 x x Favorable Unfavorable 0 Standard Cost x