A manufactured product has the following information for June.

Standard Actual Direct materials (5 lbs. @ $7 per lb.) 45,400 lbs. @ $7.20 per lb. Direct labor (3 hrs. @ $17 per hr.) 26,700 hrs. @ $17.50 per hr. Overhead (3 hrs. @ $12 per hr.) $ 329,700 Units manufactured 9,000

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