A manufactured product has the following information for June. Direct materials Direct labor Standard Quantity and Cost 7 pounds @$7 per pound 3 DLH $17 per DLH Overhead 3 DLH $13 per DLH Units manufactured Actual Results 63,500 pounds @ $7.10 per pound 26,700 hours @ $17.50 per hour $357,600 9,000 units Exercise 8-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Quantity SQ Standard Quantity AP-Actual Price SP Standard Price = AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost $ 0 $ 0 0 $ 0 Standard Cost