Ch 21 Ex 1 i 5 5 Part 2 of 3 points ! Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Standard Quantity and Cost 7 pounds @ $7 per pound eBook Hint 3 DLH @ $16 per DLH Overhead 3 DLH @ $11 per DLH Units manufactured Saved Actual Results 58,000 pounds @ $7.20 per pound 24,400 hours @ $16.60 per hour $ 277,200 8,200 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ Standard Quantity Print AP = Actual Price SP=Standard Price References AQ Actual Cost X X AP AQ X SP X $ $ 0 0 $ 0 Standard Cost SQ SP X X