A company reports the following for one of its products Direct materials standard (4 pounds 33 per pound) $ 12 per unit Actual direct materials used (AQ) 350,000 pounds Actual units produced 70,000 units Actual cost of direct materials used $ 910,000 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