A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (2 hrs. @ $16 per hr.) Actual 37,500 lbs. @ $8.20 per lb. 14,500 hrs. @ $16.50 per hr. (5 lbs. $8 per lb.). (2 hrs. @$12 per hr.) $182,800 7,400 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost + Standard Cost $ $