A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 per pound) $ 6 per unit Actual direct materials used (AQ) 316,666 pounds Actual units produced 76,666 units Actual cost of direct materials used $ 527,666 A0 = Actual Quantity 50 = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable