A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) $ 8 per unit Actual direct materials used (AQ) 320,000 pounds Actual units produced 63,000 units Actual cost of direct materials used $ 576,000 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 Standard Cost