Check my work 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 Standard (7 lbs. $8 per lb.) (3 hrs. $17 per hr.) (3 hrs. @ $11 per hr.) Actual 56,588 lbs. @ $8.10 per lb. 23,700 hrs. $17.50 per hr. $270,800 8, eee Exercise 21-9 Direct materials variances LO P2 Compute the direct materials price variance and the direct materials quantity variance Indicate whether each variance is favorable or unfavorable. AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price pdf Actual Cost Standard Cost