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 260,000 pounds 70,000 units $ 455,000 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 0 $ 0 $ 0 $ 0 0