Compute the direct materials price and quantity variances and identify each as favorable or unfavorable

A company reports the following for one Of its products. Direct Gteria15 standard (4 pounds per pound) Actual direct materialv used (AQ) Actual units produced Actual pf direct materials used AG z Actual Quantity SO = Standard Quantity AP Actual Price sp standard Price 300.000 pounds 61 .oao units s S2s,ooo Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.