A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 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 $6 per unit 280,000 pounds 72,000 units $ 476,000 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost X x Standard Cost X