A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $8 per lb.) 60,000 lbs. @ $8.10 per lb. Direct labor (3 hrs. @ $15 per hr.) 25,200 hrs. @ $15.40 per hr. Overhead (3 hrs. @ $12 per hr.) $ 311,100 Units manufactured 8,500 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable.