Final Exam O QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products Direct materials standard (4 pounds $1 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used 312 per will 330,000 pounds 68,000 AQ Actual Quantity SQ-Standard Quantity AP-Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable Actual Cost Standed Cost