A company reports the following for one of its products.

Direct materials standard $(3$ pounds & $$2$ per pound$)$

Actual direct materials used $($AQ$)$

Actual units produced

Actual cost of direct materials used

$$6$ per unit

$280,000$ pounds

$72,000$ units

$$476,000$

$AQ=$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.