Check my Required information Use the following information for the Exercises below. [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 (5 lbs. (2 hrs. (2 hrs. Standard 58 per lb.) $17 per hr.) 513 per hr.) Actual 42, 400 lbs. 38.20 per Ib. 16,400 hrs. $17.50 per hr. 5224,700 3,400 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 on unfavorable Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Standard Cost Actual Cost