A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $ 525,000 AQ-Actual Quantity SQ-Standard Quantity 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 $ S 0 $8 per unit 300,000 pounds 61,000 units Standard Cost X