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A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. @ $8 per lb. 52,700 lbs. @ $8.20 per lb.

A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. @ $8 per lb. 52,700 lbs. @ $8.20 per lb. Direct labor 3 hrs. @ $16 per hr. 25,800 hrs. @ $16.60 per hr. Overhead 3 hrs. @ $13 per hr. $ 344,600 Units manufactured 8,700

Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost 0 0 $ 0 O

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