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 $ 6 per unit 280,000 pounds 72,000 units $ 476,000 AP = Actual Price SP=Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost 0 $ 0 $ 0 0 $ 0 Standard Cost