A company reports the following for one of its products.

Direct materials standard (5 pounds @ $2 per pound)	$ 10	per unit
Actual direct materials used (AQ)	380,000	pounds
Actual units produced	65,000	units
Actual cost of direct materials used	$ 703,000

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.

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