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 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 X X 0 $ 0 $ 0 0 X $ 8 per unit 340,000 pounds 65,000 units $ 612,000 X $ 0 Standard Cost X A company reports the following information for its direct labor. Actual hours of direct labor used. Actual rate of direct labor per hour Standard rate of direct labor per hour. Standard hours of direct labor for units produced AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost $ 0 $ 55,000 $ 16 $14 56,400 0 0 $ 0 Standard Cost