A company reports the following for one of its products. Direct materials standard (3 pounds $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price $9 per unit 250,000 pounds 60,000 units $687,500 $9 per unit 250,000 pounds 60,000 units $687,500 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. A company reports the following information for its direct labor. AH=ActualHoursSH=StandardHoursAR=ActualRateSR=StandardRate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable