ces A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ Actual Quantity $ 8 per unit 360,000 pounds 76,000 units $ 648,000 SQ Standard Quantity AP Actual Price: SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost x 0 $ 0 $ 0 0 x x $ 0 Standard Cost x