A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $7 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $12 per hr.) Actual 49,700 lbs. @ $7.10 per lb. 24,300 hrs. @ $16.50 per hr. $301,500 8, 200 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Answer is not complete. Actual Cost AQ X 49,700 x AP 7.00 AQ 49,700 X X SP $ 16.00 Standard Cost SQ X SP 8,200 X $12.00 $ 347,900 795,200 98,400 (447,300) 696,800 Direct materials price variance Direct materials quantity variance Total direct materials variance 447,300 696,800 Unfavorable Unfavorable Unfavorable AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable unfavorable. Actual Cost Standard Cost $ 0 $ 0 $ 0 0