anment Saved Required information The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (5 lbs. @ $9 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. @ $13 per hr.) Actual 41.400 lbs @ $9.10 per lb. 16,000 hrs. @ $16.50 per hr. $218,300 8, 200 AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cost