Check my A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (5 lbs. $7 per lb.) (2 hrs. $15 per hr.) (2 hrs. $11 per hr.) Actual 40,500 lbs. $7.10 per lb. 15,800 hrs. $15.60 per hr. $182, 100 8,000 Exercise 23-9 Direct materials variances LO P2 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 $ 0 Direct materials Direct labor Overhead Units manufactured Standard (5 lbs. $7 per lb.) (2 hrs. $15 per hr.) (2 hrs. $11 per hr.) Actual 40,500 lbs. $7.10 per lb. 15,800 hrs. $15.60 per hr. $182,100 8,000 Exercise 23-10 Direct labor variances LO P2 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost