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

A company reports the lollowlng for one of its products. Standard Actual Cost of AO Actual Quantity SO : Standard Quantity AP Actual Price SP Standard Price wands 53 per pound) 390,000 69,000 $ 915,000 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.