A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 17 lbs. @ $9 per lb.) (3 hrs. $17 per hr.) (3 hrs. @ $11 per hr.) Actual 51,700 lbs. $9.10 per lb. 21,600 hrs. $17.50 per hr. $246,700 7,300 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 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. AH - Actual Hours SH - Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost