Direct materials standard (4 lbs. @ $3 per tb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 12 per finished unit 350,000 lbs. 70,000 units 5910,000 AQ - Actual Quantity 5Q - Standard Quantity AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Actual Cost Standard Cost