A company reports the following for one of its products. Direct materials standard ( 5 pounds \& \$2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $10 per unit 380,000 pounds 65,000 units $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