Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $8 per lb.) (2 hrs. @ $17 per hr.) (2 hrs. @ $12 per hr.) Actual 54,500 lbs. @ $8.20 per lb. 17,700 hrs. @ $17.50 per hr. $221,900 9,000 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 $ 0 $ 01 0