A company reports the following for one of its products.

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

Actual direct materials used $($AQ$)$

Actual units produced

Actual cost of direct materials used

$$6$ per unit

$310,000$ pounds

$70,000$ units

$$527,000$

$AQ=$ 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

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