Direct materials standard (4 pounds 852 per pound) Actual direct materials used (AQ) Actusl unfts produced Actual cost of direct materials used AQ= Actual Quantity SQ= Standerd Quantity AP = Actuol Price SP = Standard Price $8 per unit 340,000 pounds 65,000 units $612,000 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Answer is complete but not entirely correct. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Actual Cost } & & & & & & \multicolumn{3}{|c|}{ Standard Cost } \\ \hlineAQ & x & APO & & AQ & x & sp0 & & so 0 & x & SP 0 \\ \hline \multirow[t]{3}{*}{340,0000} & & s 1.80 & & 340,000 & x & $2.000 & & 280,000 & * & $2.000 \\ \hline & $612,0000 & 4 & & & $680,000 & & & & $560,000 & 1=2 \\ \hline & 7 & & $68,000 & E & & & 120,000 & & & \\ \hline \end{tabular} Direct materials price variance Direct materials quantity variance Total direct materials variance \begin{tabular}{|c|c|c|c|} \hline 0 & $68,000 & Favorable & 0 \\ \hline 0 & 120,000 & Unfavorable & 0 \\ \hline 0 & $68,000X & Unfavorable & \\ \hline \end{tabular}