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A manufactured product has the following information for June. Standard Actual Direct materials (5 lbs. @ $9 per lb.) 40,000 lbs. @ $9.20 per lb.

A manufactured product has the following information for June. Standard Actual Direct materials (5 lbs. @ $9 per lb.) 40,000 lbs. @ $9.20 per lb. Direct labor (3 hrs. @ $16 per hr.) 23,400 hrs. @ $16.60 per hr. Overhead (3 hrs. @ $13 per hr.) $ 315,100 Units manufactured 7,900 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable.

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