A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $8 per lb.) 51,500 lbs. @ $8.10 per lb. Direct labor (2 hrs. @ $15 per hr.) 14,200 hrs. @ $15.40 per hr. Overhead (2 hrs. @ $13 per hr.) $ 196,700 Units manufactured 7,300 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost