A manufactured product has the following information for June. Standard Actual Direct materials Direct labor Overhead Units manufactured 6 lbs. @ $8 per lb. 48,500 lbs. @ $8.10 per lb. 2 hrs. @ $16 per hr. 15,700 hrs. @ $16.50 per hr. 2 hrs. @ $12 per hr. $198,000 8,000 Refer to the information in Exercise 21-8 and compute the (1) direct materials price and (2) direct materials quantity variances. Indicate whether each variance is favorable or unfavorable. Refer to the information in Exercise 21-8 and compute the (1) direct labor rate and (2) direct labor efficiency variances. Indicate whether each variance is favorable or unfavorable